debt, what happens to the economy in those circumstances? In some sense that's been already going on since 2011 and you see it in the sort of decline of spending power domestically of the average Chinese person and the decline in sort of the standard of living. But there's a key element that still needed that Japan went through that China has not gone through, which is a significant depreciation of the value of assets. So if the Chinese government is willing to see the Chinese people see their apartments go from 100,000 square meter to 20,000 square meter, then yes that could happen. You could have a long, long, long grind. But I think that that's not very likely and I think much more likely China is going to hit a wall. The currency will suddenly depreciate and assets will drop much faster than people would like. And they've never seen that. The people that have seen depreciation and prices in China, they've never seen a price decline before, right? The property market has only (44/57)
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