But only 10% were made to manufacturers, says Nicholas Lardy of the Peterson Institute.

ECONOMIST: China��s economy

"The private sector is where the jobs are being created and the growth is coming from, " says China specialist Nicholas Lardy of Washington, D.

FORBES: Chinese Capitalism Gets a Face

Nicholas Lardy of the Brookings Institution notes another reason for the outflows: a huge increase in trade credit extended to foreign (mainly South-East Asian) buyers of Chinese goods.

ECONOMIST: Money in, money out

The Washington Post cites Nicholas Lardy, a respected China-watcher at the Peterson Institute, as saying that urban housing stock accounts for 41% of household wealth in China, compared to 26% in the U.S., though mortgage lending is much more restrictive in China.

FORBES: Standard Chartered Sees Chinese Housing Rebound In 2013