The shadow banking sector in the mainland worries me more than anything else in this emerging situ. It is an information problem, but magnified by the potential

The shadow banking sector in the mainland worries me more than anything else in this emerging situ. It is an information problem, but magnified by the potential for political distortion or simple opacity. In freer societies, the issue is merely a gap between expectations and emerging reality, and we know how extreme even that can get. A lot of firms may be severely impacted by this share price collapse, both financial and non. More alarmingly, "shadow" bank failures may occur unseen, or structural problems that would normally be covered or speculated about by the media suddenly rear their head. We may only find that large sources of financing vanish long after the fact. Many expect the CCP to swoop in and save the day, but perhaps it chooses to not do so, or do something more extreme than changing some rules or commanding the buying of shares in the big indexes.