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© The Financial Times Ltd 2013 FT and 'Financial Times' are trademarks of The Financial Times Ltd.
David Pilling is the Asia editor of the Financial Times. He was previously Tokyo Bureau Chief for the FT from January 2002 to August 2008. His column ranges over business, investment, politics and economics.
He joined the FT in 1990. He has worked in London as an editor, in Chile and Argentina as a correspondent and covered the global pharmaceutical and biotechnology industry.
E-mail David Pilling
China pushes lending into the shadows
Banks and non-banks alike have proved adept at circumventing regulations