@GreySmithereens @Jackie_Downn @triofrancos The question of “realism” rears its ugly head.

@triofrancos Thank you Thea. Much appreciated. You put your finger very precisely on a major point of disagreement.

Chinese local government land sales have plunged in 2021 and as @michaelxpettis points out that is a very serious issue indeed. Great data from @Gavekal