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Chinese financial regulators have been able to steer China through choppy financial waters from 1997 to 2008. Where does China get the strength? Zhu Min, the chairman of The National Institute of Financial Research at Tsinghua University, tells me that China’s resilience comes from two reasons. First, many big banks are state-owned. State credit makes things very different. Second, big financial institutions are quite safe and strong, while a lot of small regional banks are vulnerable to bad loa