China is celebrating the 10th anniversary of the global financial crisis with a securitization party.

Products that became a symbol of Wall Street’s unsustainable excesses a decade ago—such as mortgage-backed securities—are surging in popularity with Chinese investors. Just over $100 billion worth of asset-backed securities were issued in the first half of 2018 in China, according to S&P Global Ratings, a 44% year-over-year rise that put the country second, after the U.S., in terms of world-wide issuance.

Enough differences exist between the U.S. in 2008 and China now to suggest this won’t be the corner of markets that brings the global financial system to breaking point. That doesn’t mean there’s no cause for concern.

The growth of asset-backed securities is one consequence of broader trends in Chinese banking. Regulators have focused over the past year on forcing banks to take things back onto their balance sheets, such as wealth-management products they sold to customers. Securitization is a legitimate way for them to reverse that trend by hiving off assets—creating room to make still more loans. Nearly $30 billion of mortgage-backed securities were issued in the first half, more than in all of 2017, almost all by major banks such as China Construction Bank, the nation’s biggest home lender.

So far, the surge has come with few alarms. The default rate of mortgages included in most securities remained below 0.75% as of the end of June, S&P says. The vast majority of securitized home loans have been made to borrowers with clean credit histories, the ratings firm says.