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Nobel Laureate Prof. Michael Spence on systemic reform in China

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Excerpt from CNBC -- "My general impression is that they're really focused on this. In two respects they want to get their arms around the dimensions of the shadow banking system and I think they're probably going to engage in a process of regulating it. I'm quite sure they have the assets to deal with it on the balance sheet of the state so on balance I think my impression is that it's been a bit of a surprise but there's been an alert response."

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