Part 6/9:
In many ways, what we're witnessing in China today is not a sudden collapse, but a gradual unraveling—a slow and painful process that feels reminiscent of a luxury cruise liner sinking while the band plays on. This metaphor encapsulates the dissonance between the grim economic realities on the ground and the ideological narratives perpetuating an image of robust growth.
The consequences are increasingly visible, manifesting as capital flight, a beleaguered real estate sector, and local governments buried in debt. The social fabric, once reliant on the trust in economic promises, is now fraying with every unmet expectation.