- To hit the difficult-to-attain targets, ingenious bankers are lending and simultaneously allowing borrowers to deposit identical amounts with their institutions at identical interest rates.
- The big story is not that the Chinese economy is falling apart. It is, at least apart from the export sector. The big story is that China’s stimulus efforts, so successful in the past in jumpstarting growth, are no longer working.
- Anne Stevenson-Yang of J Capital Research tells me that the Chinese have long compared their country to a train whose last car is on fire. The train has to go fast to make sure the flames blow backwards. As soon as the train slows, flames engulf the passenger cars.
- Nobody knows how much debt China has accumulated, but total country indebtedness could be an amount equal to 350% of GDP. Because of the infamous “hidden debt” and Beijing’s misreporting—exaggeration—of economic output, the percentage could even be higher.
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