Замечательная статья
https://carnegieendowment.org/chinafinancialmarkets/86397
Вообще, в смысле секторального анализа экономики Петти на сегодня, наверное, не знает равных.
Вот, вообще блестяще
There are many ways a banking system can resolve this mismatch between the earning power of its assets and the obligations on its liabilities. The bank can default on its depositors and force them immediately to take the loss. Alternatively, bank regulators, worried about the political consequences of a bank default, may use some form of financial repression to force down the deposit interest rate. This is effectively a hidden tax on savings, and it spreads the recognition of the loss out over many years. This is what Chinese regulators did in the 2000s to clean up the pre-IPO banks, during which time the household share of GDP dropped sharply, largely because of this hidden tax. Finally, regulators can recapitalize the bank at the expense of taxpayers or holders of monetary assets.
https://www.statista.com/statistics/1197099/china-final-consumption-as-share-of-gdp/
Т.е. нынешние проблемы Китая - это плата за обретение в ранних 2000-х «чистых» госбанков как инструментов быстрого развития. Нет бесплатных обедов.