Read the whole thing at The Diplomat: Flooding the economy with trillions of yuan in new loans did accomplish
the principal objective of the Chinese government — maintaining high
economic growth in the midst of a global recession. While Beijing
earned plaudits around the world for its decisiveness and economic
success, excessive loose credit was fueling a property bubble,
funding the profligacy of state-owned enterprises, and underwriting
ill-conceived infrastructure investments by local governments.
via Instapundit.
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