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Jul 16, 2022
In Welcome to the Cars Forum
On the day of the U.S. election, the renminbi suffered a sharp drop because Jack Ma was interviewed; a few days later, Ant Financial, which claimed to be a trillion-dollar IPO, was forced to stop. This round of offense and defense of China's financial regulatory policies highlights the structural contradictions of China's economy: the opening and innovation of modern commerce is incompatible with the dictatorship. Since Trump launched the U.S.-China trade war in the spring of 2018, China has faced severe industrial chain restructuring challenges, and the simultaneous outbreak of African swine fever has increased China's purchasing pressure from the United States. Then, in 2019, the anti-extradition movement in Hong Kong occurred, and the capital outflow in the manufacturing and financial industries photo background removing accelerated, and China's economic prospects were seriously bad. In addition to political and social turmoil, the structural problems of over-reporting production, concealing local debt, and over-hyping the stock market and housing market have cast the shadow of a "Minsky moment" in China after 30 years of reform and opening up. The "Minsky Moment" when excessive financial leverage caused a collapse appeared in the speech of Zhou Xiaochuan, the former governor of the People's Bank of China, in 2017. It can be described as the devil of Beijing's economic policymakers. Until 2020, China fell into a severe economic recession due to the Wuhan pneumonia epidemic, and the Yangtze River flooded production in central China. Various factors forced China to introduce more stringent measures to control the market. Even though China claims to the outside world that it still maintains "a rare positive growth in the world this year", the policy of accelerating the "national advance and private retreat" and Li Keqiang's speech that "600 million people earn less than 1,000 yuan a month" point out that China's internal economy is very unoptimistic . Ant Financial was forced to stop under the thinking of China's strengthening financial control. RTX875AA Photo Credit: Reuters / Dazhi Image Paradigm shift in China policy In the past, China was a country that used military force like North Korea. The United St
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