David Pilling of the Financial Timesreports some disturbing statistics on the degree to which China’s economy is dependent on official- and “gray” Ponzi schemes:
The upshot is an ill-defined and under-regulated part of the financial system that now controls assets worth about Rmb20tn ($3.2tn), or 40 per cent of gross domestic product, a fourfold increase from 2008.With the official banks in an...
The upshot is an ill-defined and under-regulated part of the financial system that now controls assets worth about Rmb20tn ($3.2tn), or 40 per cent of gross domestic product, a fourfold increase from 2008.With the official banks in an...