“It would be inappropriate for the central government to directly provide fiscal support, as it could lead to expectation of future government bail-out and therefore moral hazards,” Zhang said.

Ouch, no handouts for the financial bros…😂

  • SadArtemis🏳️‍⚧️@lemmygrad.ml
    41·
    4 months ago

    China’s undergoing a (controlled) demolition of its real estate speculation market, returning it back to being an industry and foundation for the people, rather than finance. All the developments are still there, and the actual industry (not speculators, actual productive capabilities) will remain as well, and unlike in the west there’s no mass evictions and impoverishment of the people, either.

    Naturally, the west thinks this is a bad thing and a sign of collapse…