Analysts worry that some of the money going into these products has been used to make high-interest loans to risky private businesses shunned by the banks themselves, a phenomenon critics say could exaggerate loan and investment losses in China's financial system if an economic slowdown led to widespread defaults.

WSJ: China Tightens Regulations on Wealth Management

Critics of the reforms, however, said the drop in filings is a temporary phenomenon and expect a return to previous levels because the underlying causes of bankruptcy have not been addressed.

CNN: Jury still out on bankruptcy reforms