The latest Chinese regulatory crackdown is on what is considered private-sector misbehaviour extends to businessmen with excessively cosy ties to banks. The fear is that insider dealing, preferential access to credit and lax corporate governance pose threats to stability, particularly in the regional and local underbelly of China’s financial system. The most prominent red flag is Evergrande, a debt-ridden property firm close to collapse that until recently had a 36% stake in Shengjing Bank, a local lender based in the north-eastern province of Liaoning. Is Chinese governemnt trying to gain control over what it had “lost”?
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