自2008年以来，国有企业和所谓的地方政府融资平台一直在使用贷款为大型固定资产投资融资，而非国有企业的借贷通常是通过影子银行 — — 为房地产开发投资融资。
Since 2008, SOEs and so-called local-government financing platforms have been using loans to fund massive fixed-asset investments, while private-sector actors have been borrowing – often from the shadow-banking sector – to finance investment in real-estate development.