According to the Financial Times, China overtakes the eurozone as world’s biggest bank system, more than double that of the United States. China's bank assets amounted to $33tn at the end of 2016, compared with $31tn for the eurozone, $16tn for the US and $7tn for Japan. The value of China’s banking system is more than 3.1 times the size of the country’s GDP, compared with 2.8 times for the eurozone.

While the status reflects global influence, it also reflects on reliance on debt to fuel the economy. 

China is starting to confront her complicated debt problem.The latest tool is new "Corridor System" of monetary management to achieve prudence with flexibility. She is beginning to clamp down on local debt, according to a Reuters report.  The country is also shifting gear, letting more firms go bankrupt rather than propping up corporate zombies with state-funded debt, according a report in the Walls Street Journal 

For perspective, let's not forget the gigantic 247 trillion-dollar derivative risks in the US banking system, according to a report in Infowars, a US online free-speech platform. This represents a much greater systemic risk to the banking systems of the whole world. 

All in all, it's perhaps time to re-visit Professors Carmen M Reinhart and Kenneth Rogoff's post-Financial Crisis warning shot – This Time Is Different? – Eight Centuries of Financial Folly, Princeton University Press, 2009.