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TIP611: The Bear Case for China w/ Kyle Bass
We Study Billionaires - The Investor’s Podcast Network
Denying Reality: China's Financial Facade
Local government financing bonds in China represent a $13 trillion market currently in dire straits, with 80% in default due to failing real estate sales. The Chinese Communist Party has suppressed real data about these defaults, opting for denial over transparency. In October 2023, the People's Bank of China sanctioned banks to falsely classify the status of these bonds as current, insulating them from negative impacts on ratings. This strategy reveals a concerning avoidance of financial realities, allowing leadership to obscure the true extent of economic distress.
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