Financial regulators in China have for several years grappled to control the country’s massive shadow lending sector, which includes many forms of off-balance-sheet lending from banks, peer-to-peer lenders and credit extended by asset managers. The opaque industry has long been associated with financial risks, and became the target of a regulatory crackdown in 2018, part of a central government attempt to maintain financial stability.

https://www.ft.com/content/4c66b622-dea5-11e9-9743-db5a370481bc?shareType=nongift