The Future of China's Quantitative Easing

A lot of that stimulus is just going to keep zombie companies alive and people, you know, keep their job. China's been engaged in quantitative easing de facto quantitative easing the entire time because bad debt never gets realized. So it ends up being a lot like Japan 1990. They tell all the corporates what to do, how to be run. And they basically give them money to stay alive, but not actually grow.