Goldman estimates that about 70 per cent of the total increase in credit has come from the big state-run institutions.
Credit provided by investment trusts and ostensibly non-financial businesses (“entrusted” loans) only accounts for about 15 per cent of total non-bank corporate debt.

так же,
most of the additional debt has been incurred by state-owned enterprises that benefit from preferential access to credit, rather than productive borrowers in the private sector.