China’s debt run up suggests the relative modesty of the fiscal effort. A surge of 3.5 trn yuan 2020 v.

China’s debt run up suggests the relative modesty of the fiscal effort. A surge of 3.5 trn yuan 2020 v. 2019. NB: Does not account for credit impulse from para-state banks. @Gavekal via @SoberLook https://t.co/EhakLHjJhG

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