Concern about China's shadow banking system is nothing new. The creation of an efficient financial industry there has been a difficult challenge at least since China embarked upon its unavoidably winding and bumpy capitalist road. It should not be surprising that China's shadow banking system, like the economy itself, will have its growing pains. Furthermore, in China, with rule of law still evolving, the road is bumpier still. Thus, quite uncharacteristically for me, I actually agree with the Davos intelligentsia up to this point.