Us media said that China's strengthening of the prevention and control of debt risks has made some companies more difficult to obtain银行Borrowing or issuing bonds has prompted them to turn to a potentially riskier source of funding。

　　According to the US "Wall Street Journal" website reported on June 4, according to the People's Bank of China data, in the first four months of this year, from the so-called trust companiesNew loanIt reached Rmb882.3bn, nearly five times that of the same period in 2016。Trust companies raise money from individuals and businesses and invest it in riskier parts of the economy。

　　Due to loan利率Typically higher than banks, trust companies occupy a middle ground between banks and asset managers。Bank of ChinaRegulators allow trust companies to lend and regulate them more lightly, but they lack some of the safeguards that banks have, such as government deposits保险)。They have more flexibility than banks to invest in risky areas。

　　For companies, trust companies are the next best thing when bank loans or bond financing dries up or costs rise。

　　Companies turning to trust companies for loans will make it harder for the government to estimate the true size of domestic credit as it grapples with soaring debt。

　　穆迪Credit ofanalystGeorge Xu (sound) said, with regularBanking industryBy contrast, "regulation in the trust sector has been exceptional" and as a result "trusts can hide where their investments are going".。

　　Efforts by China's central bank and banking regulator to raise short-term funding costs and curb implicit bank lending have made banks increasingly reluctant to lend。

　　The regulatory storm has roiled Chinese markets, with bond yields hitting two-year highs as banks sold their holdings to boost liquidity。Bond yields move inversely to bond prices。Higher yields are a burden for companies, many of which have canceled bond sales。

　　That market pressure has made Beijing wary of tightening policy too quickly。China's central bank, banking Regulatory Commission, securities Regulatory Commission and insurance Regulatory Commission met in recent days to discuss how to handle the debt problem more carefully, according to people familiar with the matter。

　　The government will continue to give trust companies more freedom than banks to invest in risky projects, including those the government has tried to curtail lendingReal estateSome projects in steel and other fields。

　　Even some companies with access to formal bank loans and capital markets are turning to shadow banking。

　　Shimao Real EstateEva Liu, investor relations manager at Holdings LTD, said: "It takes time to issue bonds。So the company turned to Xiamen Trust Company, which will help it raise 1 billion yuan。