Is China a Productive Economy?

Anyone who pretends they have an accurate, decent, complete map of the chinese financial system is not telling you the truth. The small bank crises that you've seen in the past few years often emerge fairly quickly and people don't have full visibility on this stuff. This is a confident sbase system. When you remove that confidence, as we know from many other examples, that's when things can start to go south. That could trap, to my view, china economic growth for a very long time.