Introductory Note: This is an update to a topic that I’ve covered for several years. The gravity of the risk described cannot be overstated. — The attention of the world’s financial press seems to have drifted away from incisive finance reporting on mainland China. Last year’s Evergrande and Kaisa crises briefly attracted considerable attention, but given the Chinese Communist Party’s typical press stonewalling, journalists naturally began to concentrate on other news. The media spotlight may have shifted, but the systemic risk in China has not subsided. There is still a huge risk of both a general banking collapse and a …
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