• HobbitFoot
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        25 months ago

        The Chinese national government has a surplus, but the local and provincial governments are running massive deficits and have been for a while. I wouldn’t be surprised if a lot of these actions are to free up cash for the necessary wealth transfer to keep the popping of the property bubble from becoming too catastrophic to the retiring population.

      • davel [he/him]
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        25 months ago

        That makes no sense when the CPC can already create as many Yuan as it pleases out of thin air.

        • @VelvetStorm
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          -25 months ago

          Because the local governments are just going to be embezzling it at the end of the day.