1. What all does ‘aggregate social financing’ include?
    The ‘bank lending’ number, I am guessing, does not include the shadow banking or loans dressed up as WMPs or other vehicles for example? Would be helpful to clarify if possible. Thanks.

  2. Hi Jim,

    Aggregate social financing includes foreign currency loans, designated loans, trust loans, bank bill acceptances, corporate bonds, domestic share issuance, etc.

    Yes, the "bank lending" number does not include shadow banking and WMPs.

    Hope this helps.