David McAlvany: The REAL Weakness in China’s Economy

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Transcription: They’d like to change their whole economic model from being export driven to being based on internal consumption consumption as a share of GDP. They’ve tried to get that towards 50%. And they can’t move the needle. They can’t get that to happen. So it’s basically been a failed project getting consumption is the driver of growth in Chinese economy that has been problematic credit expansion in mainland China on such a massive scale, that it’s allowed for really bad deals to have been done. Because in a world of very loose finance, sometimes sane minds and good business decisions are not well calculated. I think that’s the the backdrop issue is massive credit expansion and major fragility within the Chinese financial system and an inability to convert from the old business model, which is export driven to internal consumption, which they’ve used as much more stable long term. They just haven’t been able to make that switch

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