China is already grappling with sour loans generated by its lending binge last year.

ECONOMIST: Banks in emerging markets

These policies will limit future domestic consumption growth in the same way that they have in the past, and the greater the amount of nonperforming loans generated the tighter the constraints on consumption growth.

WSJ: China's Consumption Conundrum

It generated enough dividends to keep itself in force by policy loans until 2008, when it finally terminated.

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