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China's Economic Crisis

Ones and Tooze

00:00

The Long Run Business Cycle Problem in China

country gardens liabilities right now 190 billion dollars so that's on the scale of a silicon valley bank or something like that. The regime has deliberately brought them down which leaves only the state owned sector really driving construction and construction before this hit was a 20 to 25 percent share of Chinese GDP. Something like 70 to 80 percent of household wealth in China is tied up with real estate.

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