I am not sure I believe the Chinese are tottering on the edge of bankruptcy. As you state, so much is held “off books”. I look at the highway to Hong Kong and Macau and the artificial islands in the South China Sea and see financial wherewithal. I see the Chinese on the moon possibly in preparation of building a base there. Even if they are spending more than they bring in, these are investments in REAL things that will pay dividends.

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