| 1 | It did so largely on the back of bank lending. | |
| 2 | Creditors need to take part of the responsibility for their decision to lend to the companies. | |
| 3 | Now, imagine a world in which China could borrow and lend internationally in its own currency. | |
| 4 | Any change to that could have broad ramifications for the way they invest and lend. | |
| 5 | This, he notes, could only happen in an authoritarian country such as China, where the government can - and did - order the banks to lend. |
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