{"id":12132,"date":"2012-11-24T20:52:18","date_gmt":"2012-11-24T20:52:18","guid":{"rendered":"https:\/\/www.sisinternational.com\/understanding-chinas-shadow-banking-system\/"},"modified":"2025-09-16T21:51:25","modified_gmt":"2025-09-17T01:51:25","slug":"%d9%81%d9%87%d9%85-%d9%86%d8%b8%d8%a7%d9%85-%d8%a7%d9%84%d8%b8%d9%84-%d8%a7%d9%84%d9%85%d8%b5%d8%b1%d9%81%d9%8a-%d9%81%d9%8a-%d8%a7%d9%84%d8%b5%d9%8a%d9%86","status":"publish","type":"post","link":"https:\/\/www.sisinternational.com\/ar\/%d9%81%d9%87%d9%85-%d9%86%d8%b8%d8%a7%d9%85-%d8%a7%d9%84%d8%b8%d9%84-%d8%a7%d9%84%d9%85%d8%b5%d8%b1%d9%81%d9%8a-%d9%81%d9%8a-%d8%a7%d9%84%d8%b5%d9%8a%d9%86\/","title":{"rendered":"\u0641\u0647\u0645 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0635\u064a\u0646"},"content":{"rendered":"
\"SIS<\/figure>\n\n\n\n

<\/p>\n\n\n

\u0648\u0642\u062f \u062a\u0639\u0631\u0636 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0635\u064a\u0646\u060c \u0623\u0648 \u0633\u0648\u0642 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u063a\u064a\u0631 \u0627\u0644\u0631\u0633\u0645\u064a \u0627\u0644\u0630\u064a \u064a\u0642\u0639 \u062e\u0627\u0631\u062c \u0633\u064a\u0637\u0631\u0629 \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629\u060c \u0644\u0644\u062a\u062f\u0642\u064a\u0642 \u0645\u0624\u062e\u0631\u0627\u064b \u0645\u0639 \u062a\u0628\u0627\u0637\u0624 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0635\u064a\u0646\u064a \u0625\u0644\u0649 \u0623\u062f\u0646\u0649 \u0645\u0639\u062f\u0644 \u0646\u0645\u0648 \u0644\u0647 \u0645\u0646\u0630 \u0639\u0627\u0645 1999.<\/h2>\n

\u0648\u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0641\u064a \u0627\u0644\u062a\u0628\u0627\u0637\u0624\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u062e\u0644\u0641 \u0627\u0644\u0645\u0641\u0627\u062c\u0626 \u0639\u0646 \u0633\u062f\u0627\u062f \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0641\u064a \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0628\u0644\u0627\u062f \u0642\u062f \u064a\u0647\u062f\u062f \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0627\u0644\u0635\u064a\u0646\u064a \u0648\u0628\u0642\u064a\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0641\u064a \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0645\u0637\u0627\u0641.<\/p>\n

The unregulated and decentralized interconnected underground economy that comprises the shadow banking system have proven difficult for foreign analysts and observers to pin down. The sheer size of the system indicates that it is interconnected with China\u2019s economy. Shadow banks issue an estimated 14.5 trillion renminbi in loans, roughly 25% of all the loans made in China by the traditional banking institutions.<\/p>\n

The shadow banking system is largely composed of investment<\/a> trusts, pawn shops, guarantors, underground banks, and wealth management products. Investment trusts are companies that manage<\/a> investors\u2019 money and use it to finance business projects or property loans. In 2011, the investment trust industry was handling 4.8 million renminbi. The total lack of transparency in the investment trust industry–only 10 of the 62 investment trusts in China disclose investment returns–makes it harder to gauge if the highly leverage trusts are facing systemic collapse.<\/p>\n

\u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0631\u0647\u0648\u0646\u0627\u062a<\/h2>\n

Pawnshops are prevalent in China, with over 4,000 operating across the country. Pawnshops have become a problem because they accept any sort of collateral for their short-term loans including financial securities like stocks and bonds, and even real estate property. If China\u2019s property market<\/a> deteriorates, pawnshops will be left with defaulted loans that are backed by collateral that have less value on the market.<\/p>\n

\u0627\u0644\u0636\u0627\u0645\u0646\u064a\u0646<\/h2>\n

\u0643\u0645\u0627 \u064a\u0648\u062d\u064a \u0627\u0633\u0645\u0647\u0645\u060c \u064a\u0642\u062f\u0645 \u0627\u0644\u0636\u0627\u0645\u0646\u0648\u0646 \u0636\u0645\u0627\u0646\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0644\u0644\u0645\u0642\u062a\u0631\u0636\u064a\u0646 \u0627\u0644\u062e\u0637\u0631\u064a\u0646. \u0644\u0627 \u064a\u0628\u062f\u064a \u0627\u0644\u0636\u0627\u0645\u0646\u0648\u0646 \u0642\u062f\u0631\u064b\u0627 \u0643\u0628\u064a\u0631\u064b\u0627 \u0645\u0646 \u0627\u0644\u0627\u0647\u062a\u0645\u0627\u0645 \u0645\u062b\u0644 \u0645\u0643\u0627\u062a\u0628 \u0627\u0644\u0631\u0647\u0648\u0646\u0627\u062a \u0648\u0642\u062f \u064a\u0644\u062c\u0623\u0648\u0646 \u0625\u0644\u0649 \u0645\u0645\u0627\u0631\u0633\u0627\u062a \u063a\u064a\u0631 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0644\u0632\u064a\u0627\u062f\u0629 \u0639\u0648\u0627\u0626\u062f\u0647\u0645. \u064a\u062c\u0648\u0632 \u0644\u0644\u0636\u0627\u0645\u0646\u064a\u0646 \u0623\u0646 \u064a\u0623\u062e\u0630\u0648\u0627 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0644\u0642\u0631\u0636 \u0627\u0644\u0630\u064a \u064a\u0636\u0645\u0646\u0648\u0646\u0647 \u0648\u064a\u0639\u064a\u062f\u0648\u0646\u0647 \u0625\u0644\u0649 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a. \u0648\u0647\u0630\u0627 \u064a\u0632\u064a\u062f \u0645\u0646 \u0627\u062d\u062a\u0645\u0627\u0644 \u0623\u0646 \u064a\u0646\u062a\u0647\u064a \u0627\u0644\u0623\u0645\u0631 \u0628\u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0625\u0644\u0649 \u0639\u062f\u0645 \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0623\u064a \u0634\u064a\u0621 \u0641\u064a \u062d\u0627\u0644\u0629 \u0627\u0644\u062a\u062e\u0644\u0641 \u0639\u0646 \u0633\u062f\u0627\u062f \u0642\u0631\u0648\u0636 \u0627\u0644\u0638\u0644.<\/p>\n

\u0627\u0644\u0628\u0646\u0648\u0643 \u062a\u062d\u062a \u0627\u0644\u0623\u0631\u0636<\/h2>\n

\u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0633\u0631\u064a\u0629 \u062a\u0632\u062f\u0647\u0631 \u0641\u064a \u0627\u0644\u0635\u064a\u0646. \u062a\u0642\u0648\u0645 \u0627\u0644\u0628\u0646\u0648\u0643 \u0628\u0625\u0635\u062f\u0627\u0631 \u062e\u0637\u0627\u0628\u0627\u062a \u0627\u0639\u062a\u0645\u0627\u062f \u062e\u0627\u0631\u062c \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0648\u0644\u0627 \u062a\u0623\u062e\u0630 \u0641\u064a \u0627\u0644\u0627\u0639\u062a\u0628\u0627\u0631 \u0646\u0633\u0628 \u0627\u0644\u0631\u0627\u0641\u0639\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u064a\u0632\u0627\u0646\u064a\u0629 \u0627\u0644\u0639\u0645\u0648\u0645\u064a\u0629 \u0644\u0644\u0642\u0637\u0627\u0639. \u064a\u0645\u0643\u0646 \u0644\u0644\u0634\u0631\u0643\u0627\u062a \u0627\u0644\u062d\u0635\u0648\u0644 \u0639\u0644\u0649 \u0642\u0631\u0648\u0636 \u0645\u062a\u0639\u062f\u062f\u0629 \u0645\u0646 \u0628\u0646\u0648\u0643 \u0645\u062e\u062a\u0644\u0641\u0629 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0646\u0641\u0633 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644 \u0645\u0646 \u0627\u0644\u0635\u0639\u0628 \u062a\u062d\u062f\u064a\u062f \u0645\u062f\u0649 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0646\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0644\u0647\u0630\u0647 \u0627\u0644\u0628\u0646\u0648\u0643.<\/p>\n

\u0627\u0644\u0639\u0645\u0644 \u0627\u0644\u062d\u0643\u0648\u0645\u064a<\/h2>\n

\u062a\u062d\u0645\u0644\u062a \u0645\u0646\u062a\u062c\u0627\u062a \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u062b\u0631\u0648\u0627\u062a \u0627\u0644\u0639\u0628\u0621 \u0627\u0644\u0623\u0643\u0628\u0631 \u0645\u0646 \u0627\u0644\u0627\u0646\u062a\u0642\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u0648\u062c\u0647\u0629 \u0625\u0644\u0649 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u060c \u062d\u064a\u062b \u0648\u0635\u0641 \u0631\u0626\u064a\u0633 \u0628\u0646\u0643 \u0627\u0644\u0635\u064a\u0646 \u0634\u064a\u0627\u0648 \u062c\u0627\u0646\u062c \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u0628\u0623\u0646\u0647\u0627 \u0645\u062e\u0637\u0637 \u0628\u0648\u0646\u0632\u064a \u0641\u064a \u0645\u0642\u0627\u0644 \u0627\u0641\u062a\u062a\u0627\u062d\u064a \u0641\u064a \u0635\u062d\u064a\u0641\u0629 \u0646\u064a\u0648\u064a\u0648\u0631\u0643 \u062a\u0627\u064a\u0645\u0632. \u0627\u0644\u0635\u064a\u0646 \u064a\u0648\u0645\u064a\u0627<\/em> newspaper.\u00a0 Wealth management products fund projects<\/a> such as property development or infrastructure that cannot access funds through normal loan channels. Investors may not have any idea about what the investment is or what kind of returns<\/a> they can generate. The products are riskier than deposits, but investors believe that banks back them as they are marketed<\/a> in most bank branches. If the products default, banks\u2019 reputations will take a hit.<\/p>\n

\u0625\u0646 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0635\u064a\u0646 \u0645\u0639\u0642\u062f \u0644\u0644\u063a\u0627\u064a\u0629 \u0648\u064a\u0641\u0631\u0636 \u0645\u062e\u0627\u0637\u0631 \u0647\u0627\u0626\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a \u0628\u0633\u0628\u0628 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0645\u062a\u0634\u0627\u0628\u0643\u0629 \u0628\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u0623\u0646\u0638\u0645\u0629. \u0648\u0646\u0638\u0631\u0627\u064b \u0644\u062d\u062c\u0645 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0648\u0645\u0643\u0627\u0646\u062a\u0647 \u0627\u0644\u0645\u0647\u0645\u0629 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u060c \u0641\u0642\u062f \u062a\u0648\u0627\u062c\u0647 \u0627\u0644\u0635\u064a\u0646 \u0627\u0636\u0637\u0631\u0627\u0628\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0625\u0630\u0627 \u0627\u0646\u0647\u0627\u0631 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a.<\/p>\n

\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

\u0644\u0642\u062f \u062a\u0639\u0631\u0636 \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0635\u064a\u0646\u060c \u0623\u0648 \u0633\u0648\u0642 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u063a\u064a\u0631 \u0627\u0644\u0631\u0633\u0645\u064a \u0627\u0644\u0630\u064a \u064a\u0642\u0639 \u062e\u0627\u0631\u062c \u0633\u064a\u0637\u0631\u0629 \u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629\u060c \u0644\u0644\u062a\u062f\u0642\u064a\u0642 \u0645\u0624\u062e\u0631\u0627\u064b \u0645\u0639 \u062a\u0628\u0627\u0637\u0624 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0635\u064a\u0646\u064a \u0625\u0644\u0649 \u0623\u062f\u0646\u0649 \u0645\u0639\u062f\u0644 \u0646\u0645\u0648 \u0644\u0647 \u0645\u0646\u0630 \u0639\u0627\u0645 1999. \u0648\u0625\u0630\u0627 \u0627\u0633\u062a\u0645\u0631 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0641\u064a \u0627\u0644\u062a\u0628\u0627\u0637\u0624\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u062e\u0644\u0641 \u0627\u0644\u0645\u0641\u0627\u062c\u0626 \u0639\u0646 \u0633\u062f\u0627\u062f \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0645\u0645\u0646\u0648\u062d\u0629 \u0641\u064a \u0627\u0644\u0628\u0644\u0627\u062f \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0641\u0627\u0642\u0645 \u0627\u0644\u0645\u0634\u0643\u0644\u0629. \u0646\u0638\u0627\u0645 \u0627\u0644\u0638\u0644 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0642\u062f \u064a\u0647\u062f\u062f \u0627\u0644\u0642\u0637\u0627\u0639 \u0627\u0644\u0645\u0635\u0631\u0641\u064a \u0641\u064a \u0627\u0644\u0635\u064a\u0646 \u0648... \u0625\u0642\u0631\u0623 \u0627\u0644\u0645\u0632\u064a\u062f<\/a><\/p>","protected":false},"author":1,"featured_media":67495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[287],"tags":[],"class_list":["post-12132","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-spotlight","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"_links":{"self":[{"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/posts\/12132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/comments?post=12132"}],"version-history":[{"count":2,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/posts\/12132\/revisions"}],"predecessor-version":[{"id":81309,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/posts\/12132\/revisions\/81309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/media\/67495"}],"wp:attachment":[{"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/media?parent=12132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/categories?post=12132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sisinternational.com\/ar\/wp-json\/wp\/v2\/tags?post=12132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}