China's Great Wall of Debt Quotes

“Between 2011 and 2013, China laid more cement than the United States did during the entire twentieth century.”
― Dinny McMahon, China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle

“China’s authorities are willing to dismantle the shackles of explicit state control and to replace them with markets, but they fully retain the right to intervene whenever they don’t like what the markets are doing.”
― Dinny McMahon, China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle

“The Chinese economy is exceptional…Rather than being immune to crises, recessions, and funks, it’s unique in that Beijing is willing and able to intervene on a scale that allows it to postpone a reckoning indefinitely, albeit at the cost of storing up greater pain for the future…China’s authorities have an unparalleled capacity to kick the can down the road. But with every kick, the can gets bigger and doesn’t go as far.”
― Dinny McMahon, China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle

“...government meddling makes China's economy incredibly opaque, not only to foreigners but to the Chinese as well. But this control of information—be it the massaging of data, faking it outright, turning a blind eye to its misreporting, rationing its publication, or cutting off its availability—is not the root cause of China’s opacity. It is merely a symptom. What makes China so opaque—and, indeed, what gives the government such control over information in the first place—is that its rules are fluid.”
― Dinny McMahon, China's Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle