A "mild" but complete video on the Chinese Real Estate Bubble which is now imploding.
It is impossible for a government to stop a bubble bursting except by blowing a bigger one and even that works only at a very early stage. It is of course much too late for China so the process will go on unimpeded.
Nobody in his right mind will ever invest money upfront in any of these projects so they must be completed at companies' expenses which is of course impossible. The only solution would be to swamp the banking sector with cheap money, which is what Japan did, but Japan's circumstances were exceptional. Likewise, China is not rich enough to accept the huge reduction in wealth this would imply.
China is therefore stuck between an imploding real estate market and a growing trade war. The risk is that eventually, war will look like a good option. It always does in the end.
But not yet. China is still weak militarily and would probably be crushed in a confrontation. Still, give them another year to prepare and all bets are off. American generals should keep a copy of Sun Tzu book "The Art of War" nearby at all times!
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