Not long ago, cities like Wenzhou would see bad debts surge, and small business owners and property developers would default in droves throwing a spanner in the great Chinese economic growth story.
Credit cooled off, but only temporarily.
With the economy beginning to recover and property prices picking, credit growth is accelerating once again.
But Chancellor and Monnelly argue that there are still at least 10 indicators of "acute financial fragility" in China's credit system. Here they are verbatim: