ONE and a half years into the pandemic, everything seems fine in our financial industry. The ratio of non-performing loans (NPLs) is indeed rising. The pandemic certainly has made some businesses slow down, making it difficult for borrowers to service their debts. But on the surface, the situation looks clear. As of the end of June, the ratio of NPLs in the finance industry is only 3.24 percent, far from the danger threshold.

The problem, h