Banks continued to serve as China’s dominant channel for finance in the first half of 2015, bearing much of the country’s risk as off-balance-sheet shadow banking grew only slightly in the first half of the year to about 35% of gross domestic product, South China Morning Post reported, citing data from Moody’s Investors Service. Bank lending, meanwhile, grew to 144% of GDP during the period, up from about 133% in 2014. Direct capital markets financing showed little growth: 26% of GDP in the first half, up from 24% in 2014. Data from AXA Investment Managers showed that the banks filled much of the finance gap left by shadow banking.
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