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China: The other shoe
Jim Chanos is not buying the China story
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, Agricultural Bank of China, Australia, Betty Liu, Bloomberg, China, Chinese banks, Chinese consumers, Chinese government , Chinese real estate, Jim Chanos, Kynikos Associates Ltd
China is Not Rich. It's Fragile.
Does this sound familiar? China's banks are calling dead bonds assets and valuing them at 100 cents on the dollar. No one is worried about the consequences because the "government knows what it's doing and will figure it all out." Uh-huh. Chanos said that, alarmingly, China's credit would likely grow to 30 percent to 40 percent of its gross domestic product.
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