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附　 录A shadowy presence By Henny Sender John Kuhns was in Hong Kong at the end of January, visiting local branches of his mainland banks in search of money. That was because “my banks told me they might only be able to provide 60 per cent of what they lent last year, given restrictive new quotas”, says the head of China Hydroelectric, a Beijing-based investor in hydropower. But there was no need for alarm, these bankers added, according to Mr Kuhns, an American who has been active in Chinese power generation since the 1990s. “They said: ‘If you need more, we can help you arrange a bond issue in Hong Kong. Or we can help you set up a trust company to obtain more money.’?” Welcome to the unofficial financial realm that has sprung up outside China’s heavily regulated banking system. At the same time as banks in China – under orders from a government anxious to rein in a lending boom – act to cut their credit to China Hydroelectric and other borrowers, their Hong Kong arms are offering alternative arrangements. Mr Kuhns says he was told he could raise as much as HK$3bn ($385m) in bonds tied to the value of the renminbi, an amount far greater than he needed. The message he had received in Beijing was the same as that conveyed to countless other borrowers across China as the authorities try to control credit growth. This year, with inflation running at almost 5 per cent and expected to rise, the government has signalled that it is serious about adopting a more restrictive policy. But can it? In response to the heavy hand of the regulators, a host of grey-market institutions and arrangements has sprung up precisely to get around formal restrictions in China’s heavily controlled financial markets. Analysts say annual flows could involve Rmb2,000bn ($305bn) – equivalent to about one-third of gross domestic product. “The People’s Bank of China has difficulty in controlling liquidity and getting the banks to meet the loan quotas,” says Francis Cheng at CLSA in Hong Kong. He r