摘要
In the next five years, the top risk to China＇s financial market is the countr~/s shadow bank-ing system, as Xiao Gang President of Bank of China, recently predicted in an article. Xiao believed that quite a few financial products released by Chinese commercial banks are Ponzi schemes, a fraudulent investment opera-tion that pays returns to its investors from the money paid by subsequent investors, rather than from profit earned by the individual or or-ganization running the operation.
