China's tight credit environment has fostered some interesting financial innovation. Pawnshops are now firmly part of China's shadow banking industry. This is the murky world in which banks and other financial institutions come up with evermore creative ways of packaging loans and other forms of credit to companies. A report just released by the Chinese Academy of Social Sciences, a top state-backed think tank, puts the value of this industry at US$ 4.4 trillion - the equivalent to nearly one-fifth of the domestic banking sector's total assets.
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