INTRO
Hi, my name’s Shang Fulin and I approve this message.

HOOK
I’ve got the magic in me,
Every time I issue debt it turns to GDP.
Everybody knows I’ve got the magic in me,
With NPLs so low, why worry PBOC?
Cause everybody wants a burst of magic, magic, magic,
Magic, magic, magic, magic, magic, magic, ah-ooohh,
I’ve got the magic in me!

VERSE 1
It’s true our credit growth will blow your mind.
Pick a year, any year, my favorite is 2009.
Bank loans were up that year, stratosphere, in the sky;
At 33%, year on year, that ain’t no lie.
But then we tightened up a bit, them LGFVs were hit,
Property and steel say, “What’s the deal? We cannot handle it!”
It didn’t take them long to find the trusts, they started bankin’ it.
CBRC’s like what’s up man, what’s happenin’?
And then the interbank market stole the show last year;
Zhou Xiaochuan tightened up, til he felt the pressure from the Premier.
We don’t like moral hazard, but instability we fear,
So call me LeBron James, The King, cause I’m so Cavalier.

HOOK
I’ve got the magic in me (I got the magic baby).
Every time I issue debt it turns to GDP (turns to GDP).
Everybody knows I’ve got the magic in me (issuin’ credit baby).
With NPLs so low, why worry PBOC (don’t worry PBOC).
Cause everybody wants a burst of magic, magic, magic,
Magic, magic, magic, magic, magic, magic, ah-ooohh,
I’ve got the magic in me!

VERSE 2
We said we’re gonna liberalize, interest rates been minimumized.
Net interest margins might collapse when we competitivize .
Wealth management products, in the meantime, have materialized.
See, see shadow banking products we sell ten-at-a-time.
(The) PBOC doin’ QE through CDB;
A trillion RMB of lending supplementary.
We cannot bear to miss our target for the GDP,
Cause politically it’s sensitive within the CCP.
We save all defaults for fear of something systematic;
We take all the bad loans and put ’em in the AMC attic.
Deleveraging’s our nightmare and would surely wreak havoc,
(With) debt-to-GDP 250% this should not be problematic.

HOOK
Bad loans are all evergreened (we roll ‘em over baby).
Every time I issue debt it turns to GDP (but inefficiently).
Everybody knows bad loans are all evergreened (it’s stale credit baby).
So NPLs don’t grow, why worry PBOC (don’t worry PBOC).
Cause everybody wants a burst of magic, magic, magic,
Magic, magic, magic, magic, magic, magic, ah-ooohh,
We love our LGFVs!

OUTRO
Hey, that that, I’ve got that
Hey, I’ve got the magic in me
Hey, that that, I’ve got that
Hey, I’ve got the magic in me
Hey, that that,
Hey, I’ve got the magic in me
Hey, that that,
Hey, I’ve got the magic in me

Ooooh, we love our LGFVs!