{"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":"comprendre-le-systeme-bancaire-parallele-chinois","status":"publish","type":"post","link":"https:\/\/www.sisinternational.com\/fr\/comprendre-le-systeme-bancaire-parallele-chinois\/","title":{"rendered":"Comprendre le syst\u00e8me bancaire parall\u00e8le chinois"},"content":{"rendered":"
\"\u00c9tudes<\/figure>\n\n\n\n

<\/p>\n\n\n

Le syst\u00e8me bancaire parall\u00e8le chinois, ou le march\u00e9 financier informel qui \u00e9chappe au contr\u00f4le des r\u00e9gulateurs, a r\u00e9cemment fait l'objet d'un examen minutieux alors que l'\u00e9conomie chinoise ralentit jusqu'\u00e0 atteindre son taux de croissance le plus bas depuis 1999.<\/h2>\n

Si la croissance \u00e9conomique continue de ralentir, des d\u00e9fauts soudains sur les pr\u00eats accord\u00e9s dans le syst\u00e8me bancaire parall\u00e8le du pays pourraient menacer le secteur bancaire chinois et, \u00e0 terme, le reste de l'\u00e9conomie.<\/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

Pr\u00eateur sur gage<\/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

Garants<\/h2>\n

Comme leur nom l\u2019indique, les garants offrent des garanties sur les pr\u00eats accord\u00e9s \u00e0 des emprunteurs \u00e0 risque. Les garants ne suscitent pas autant d'int\u00e9r\u00eat que les pr\u00eateurs sur gages et peuvent recourir \u00e0 des pratiques ill\u00e9gales pour augmenter leurs rendements. Les garants peuvent prendre une partie du pr\u00eat qu\u2019ils garantissent et la pr\u00eater au syst\u00e8me bancaire parall\u00e8le. Cela augmente le risque pour les investisseurs de se retrouver sans rien en cas de d\u00e9faut de paiement des pr\u00eats parall\u00e8les.<\/p>\n

Banques souterraines<\/h2>\n

Les banques clandestines sont en plein essor en Chine. Les banques \u00e9mettent des lettres de cr\u00e9dit qui sont des v\u00e9hicules hors bilan qui ne sont pas pris en compte dans les ratios de levier du bilan du secteur. Les entreprises peuvent obtenir plusieurs pr\u00eats aupr\u00e8s de diff\u00e9rentes banques en utilisant la m\u00eame garantie, ce qui rend difficile la d\u00e9termination du niveau r\u00e9el d\u2019endettement de ces banques.<\/p>\n

Action gouvernementale<\/h2>\n

Les produits de gestion de patrimoine ont \u00e9t\u00e9 les plus touch\u00e9s par les critiques du syst\u00e8me bancaire parall\u00e8le, le pr\u00e9sident de la Banque de Chine, Xiao Gang, qualifiant ces produits de stratag\u00e8me de Ponzi dans un article d'opinion paru dans le Chine Quotidien<\/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

Le syst\u00e8me bancaire parall\u00e8le chinois est tr\u00e8s complexe et pr\u00e9sente d'\u00e9normes risques pour le syst\u00e8me bancaire conventionnel en raison des relations imbriqu\u00e9es entre ces syst\u00e8mes. Compte tenu de la taille du syst\u00e8me bancaire parall\u00e8le et de sa place importante dans l'\u00e9conomie, la Chine pourrait \u00eatre confront\u00e9e \u00e0 des troubles \u00e9conomiques si le syst\u00e8me bancaire parall\u00e8le s'effondrait.<\/p>\n

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

Le syst\u00e8me bancaire parall\u00e8le de la Chine, ou le march\u00e9 financier informel qui \u00e9chappe au contr\u00f4le des r\u00e9gulateurs, a r\u00e9cemment fait l'objet d'un examen minutieux alors que l'\u00e9conomie chinoise ralentit pour atteindre son taux de croissance le plus bas depuis 1999. Si la croissance \u00e9conomique continue de ralentir, des d\u00e9fauts soudains sur les pr\u00eats accord\u00e9s dans le pays Le syst\u00e8me bancaire parall\u00e8le pourrait menacer le secteur bancaire chinois et\u2026 Lire plus<\/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\/fr\/wp-json\/wp\/v2\/posts\/12132","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/comments?post=12132"}],"version-history":[{"count":2,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/posts\/12132\/revisions"}],"predecessor-version":[{"id":81309,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/posts\/12132\/revisions\/81309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/media\/67495"}],"wp:attachment":[{"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/media?parent=12132"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/categories?post=12132"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sisinternational.com\/fr\/wp-json\/wp\/v2\/tags?post=12132"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}