Four years ago, during COVID, the Chinese government announced a “relief” program to help small businesses and consumers. However, it has since become a nightmare haunting Chinese banks and their executives. The reason? 1) Chinese banks are essentially the government’s ATMs, and the machine is running out of money. 2). The state-controlled banking system is counterproductive.
1. How the Chinese Government’s COVID Relief Program Turned into a ¥10 Trillion Debt Bomb
2. Why Beijing’s Efforts to Save the Property Market Aren’t Working
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