The Chinese Communist Party’s only source of legitimacy is economic growth, and China’s only economic growth comes from egregious volumes of financing. Every time the Chinese government attempts to dial back the credit and make the country’s economy more healthy or sustainable, growth crashes, the natives start talking about making lengthy strolls in large groups, and the government turns the credit spigot back to full. In the CCP’s mind, moving away from debt-as-all is synonymous with the end of modern China, unified China, and the CCP. In that, the Party is probably correct. It’s no surprise
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