Graph 14  So it is a complex web of interconnections that has been built. New institutions have also emerged and a lot of this has been in the shadows, outside of the regulatory net. It's worth recalling that we saw a similar process here in Australia in the 1970s.
As some of the regulations were eased here and more things became permissible, we too saw new institutions emerge – just has been the case in China – to sidestep the regulations that remained. In our case, this did not end well! This helps explain why we are watching things in China so carefully.