Dong tao credit suisse biography of abraham

Dong Tao, the China Economist of Credit Suisse, voiced his worries over the Chinese economy after the weak monetary statistics report. 

In his note after the publication of monetary statistics, he explicitly said that “the risk of a hard landing is on the rise, in our judgement”.  He is particular worried about the problem of distribution of liquidity, which means that banks keep lending to state-own enterprises after series of credit tightening while small- and medium- sized businesses are having difficulties in obtaining credit from the formal banking system, a big problem which has been covered here, here and here. 

Just as I pointed out earlier, these sector of non-bank credit explosion is not showing up in the monetary data, as Dong Tao reckons:

Liquidity conditions among the SMEs and exporters are very tight in the provinces of Zhejiang, Fijian and Guangdong.

None of this is shown in the official lendin