Skol, you allude to a point that stops your argument dead in its tracks. Chinas problems are insulated by the fact that they do not allow foreigners to come into the main stream except for its free trade zones for manufacturing, which thrives with ftas. In short, if they go down in the areas you talk about then they dont take foreigners with them. Foreigners cannot own shares or properties. And because they have such a large trade surplus, any argument for contagion resulting in the yuan falling are mute. China is an island. If they go down then they go down alone and regress back to the poverty that they started in, with exception to commodity prices in base metals, oil and gas. They offset this corrective consequence by buying gold in anticipation of the world succumbing to the Keynesian result.
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