China, the Death Star of Emerging Markets

On any list of banking accidents waiting to happen, China is assured a place at the very top. But could a crash there take the entire global economy down with it?

Absolutely, saysCharlene Chu, who until recently was Fitch's headline-generating analyst in Beijing. Chu has fearlessly trod into an area that China is trying desperately to keep off limits: its vast shadow-banking system. Now that she's working for a private firm that doesn't have to rely to governments for revenue, as do rating companies, Chu is free to speak completely openly. And is she ever.