Recently, some intriguing changes have quietly appeared in many cities across China: streets and alleys are covered with small ads saying ‘Need money urgently, but the bank refuses to lend.’ Banks have quietly started tightening real estate loans, local governments are searching for new sources of income, and there is a kind of ‘unspoken yet obvious’ financial pressure in the system. Even regular depositors have noticed that withdrawing money has become slower and more troublesome than before. On the surface, these seem like isolated social phenomena, but when they appear together and overlap, they point to one fact—China’s banking system is falling into an unprecedented crisis.
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