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The Real Estate Crisis in China
The economic data out of China has been absolutely abysmal, PMIs, manufacturing, indices. I'm surprised at the recession where it is not thrown around more when talking about the Chinese economy because it's definitely contracting way more in nominal terms than the US. Real estate crisis that has stopped me in my tracks a little bit with China. If you get China wrong here, it doesn't matter how brilliant you are and everything else. It's the most important thing happening.