Partly, the very astute Donald Trumps (or his advisers) trade war working.
said it here before.......China was/is getting too big and needed to be bought back to earth. A tariff (tax) on China's exports to the US, the largest consumer market in the world, can also be seen as a tax on US/Korean/Japanese countries whose companies had located manufacturing to China over the last 2 decades.So it becomes a tax on their Chinese operations. The result is they are closing down their Chinese operations and moving elsewhere in Asia. Follow the FDI's to see where.
Remember China's growth was due to investment in infrastructure and manufacturing exports (the world's factory). Their own consumer market needs to pick up more to continue growth, but as Chinese consumers are bigger savers than their US spendthrift consumers, this will take time.
Trump's trade war is working, and Biden is adding to it, with his freeze on technology exports to China. China is decoupling from the rest of the world and the weekends election of Xi Jinping and his mates will result in more of the same poor policies for China.
Hence the collapse of the Hang Seng.
Brilliant strategy by Trump. He has powered up the rest of Asia at the expense of China to bring better balance to the world. He would be a hero if not for his ways. He was no statesman as I said before.
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