“China has maintained its positive GDP growth due to the stability provided by domestic demand.”
What a load of ignorant BS. After 2008, China printed an enormous amount of yuan, pumping that money into building ghost cities, plants they didn’t need capacity, etc. All those non productive assets only temporarily boost GDP but those chickens are coming home to roost. 39% of China’s GDP is real estate. China biggest real estate developer just went bankrupt. There are an enormous amount of bad loans tied to junk real estate. Reminds me of 1980’s Japan, where value of all land had a paper vale of 4 times all the land in the US, a country 25X larger. That bubble popped hard and it took Japan more than a decade recover.
After the 2008 financial crisis, the CHICOMs printed 20 TRILLION, and dumped it their economy. They made the US and Bernanke look like hard core gold bugs by comparison, with our puny 4 trillion.