Noting three familiar warning signs -- a buildup of leverage, high property prices and lower growth potential -- Japan's Nomura Securities says China is in danger of a financial crisis. Nomura noted that the symptoms echoed those preceding recent financial collapses in Japan, the U.S. and Europe. "The most vulnerable areas are local governments' financing vehicles, property developers, trust companies and credit guarantee companies," said Nomura economist Zhiwei Zhang.

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