fantasia reportedly was unexpected and resulted more or less in chinese real estate starting to get locked out of international markets some numbers i roughly remember:https://twitter.com/EricMertz_KC/status/1448460489642684418 …
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I don’t think Beijing would let that happen. They control the size and flow of credit, and while they have cracked down on local gov leverage, allowing a default at local gov level could create a loss of confidence in Beijing itself, which is the party and xi’s biggest fear.
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