Nicholas Lardy, an economist and senior fellow at the Washington-based Peterson Institute, says China's unwillingness to adopt derivative loans and other high-risk financial products helped to shield it from the impact of the world economic downturn.

VOA: standard.2009.11.10

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

ECONOMIST: China��s economy

Nicholas Lardy of the Brookings Institute reportedly claims that three of these four banks are technically insolvent by international standards.

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

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