Tiny items of data can sometimes say so much. State debts in China may be no worse than most other countries, even allowing for the hidden debts of provincial and local entities. But for anyone looking for a guide to the future should look at the miserable level of net household wealth, and its composition.
Chinese Income Dislocations Could Be Ominous
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Chinese Income Dislocations Could Be Ominous
Tiny items of data can sometimes say so much. State debts in China may be no worse than most other countries, even allowing for the hidden debts of provincial and local entities. But for anyone looking for a guide to the future should look at the miserable level of net household wealth, and its composition.