{"id":26118,"date":"2024-05-09T19:23:08","date_gmt":"2024-05-09T17:23:08","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=26118"},"modified":"2024-05-09T19:23:08","modified_gmt":"2024-05-09T17:23:08","slug":"china-debt-real-estate","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/bubble\/china-debt-real-estate","title":{"rendered":"When China Gives in&#8230;"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"26115\" data-permalink=\"https:\/\/michelsanti.fr\/en\/bubble\/china-debt-real-estate\/attachment\/china-credit-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?fit=1839%2C993&amp;ssl=1\" data-orig-size=\"1839,993\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"china credit\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?fit=300%2C162&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?fit=1024%2C553&amp;ssl=1\" class=\"alignnone size-full wp-image-26115\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=1170%2C632&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"632\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?w=1839&amp;ssl=1 1839w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=300%2C162&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=1024%2C553&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=768%2C415&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=1536%2C829&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/05\/china-credit.jpg?resize=1200%2C648&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>China is on life support: 18 units of credit in China only equate to 1 unit of GDP growth.<\/p>\n<p>A cornerstone of household wealth at 65% of their assets, the country&#8217;s real estate sector, along with indebted regional governments to the tune of $9 trillion (over half the national GDP), are faltering.<\/p>\n<p>Authorities are trying to sweep the issue under the rug with a deluge of liquidity: a whopping $41 trillion in money supply floods the country, nearly 2X the US GDP!<\/p>\n<p>Pressure is mounting, and we know the consequences of a dam whose levees give way.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; &nbsp; China is on life support: 18 units of credit in China only equate to 1 unit of GDP growth. A cornerstone of household wealth at 65% of their assets, the country&#8217;s real estate sector, along with indebted regional governments to the tune of $9 trillion (over half the national GDP), are faltering. Authorities&hellip;<\/p>\n","protected":false},"author":4,"featured_media":26115,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941299,648941287,648941303],"tags":[],"class_list":["post-26118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bubble","category-china","category-debt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>When China Gives in... - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/bubble\/china-debt-real-estate\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When China Gives in... - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; &nbsp; China is on life support: 18 units of credit in China only equate to 1 unit of GDP growth. 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Evidently, China\u2019s economic progress has been spectacular, and in this light the 14 trillion dollars that make up China\u2019s aggregate product is nothing short of a miracle compared to the state\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/12\/Chine-Xi-jinping-baisse-pauvrete-empeche-lexplosion-inegalites_0.jpg?fit=729%2C469&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/12\/Chine-Xi-jinping-baisse-pauvrete-empeche-lexplosion-inegalites_0.jpg?fit=729%2C469&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/12\/Chine-Xi-jinping-baisse-pauvrete-empeche-lexplosion-inegalites_0.jpg?fit=729%2C469&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/12\/Chine-Xi-jinping-baisse-pauvrete-empeche-lexplosion-inegalites_0.jpg?fit=729%2C469&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":19469,"url":"https:\/\/michelsanti.fr\/en\/china-2\/china-is-quietly-quaking-in-its-boots","url_meta":{"origin":26118,"position":1},"title":"China is quietly quaking in its boots","author":"Michel Santi","date":"June 5, 2019","format":false,"excerpt":"\u00a0 Is China on the brink of a crisis similar to the one suffered last year by Argentina, due to a defective balance of payments? In such a situation, China would see itself short on dollars, unable to support its own currency! As for many other sovereign nations, the Yuan\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/category\/china-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/06\/tigre-de-papier.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":21926,"url":"https:\/\/michelsanti.fr\/en\/china\/for-china-good-news-are-bad-news","url_meta":{"origin":26118,"position":2},"title":"For China, good news are bad news","author":"Michel Santi","date":"January 30, 2022","format":false,"excerpt":"\u00a0 China\u2019s trade surpluses are beating all their historic records. Despite the stagnation of its national consumption, China is racking up trade surpluses in the way of 94 billion dollars per month. This good news is however not so good because the strong correlation between a nation\u2019s trade balance and\u2026","rel":"","context":"In &quot;China&quot;","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/01\/chine.webp?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/01\/chine.webp?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/01\/chine.webp?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/01\/chine.webp?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/01\/chine.webp?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30840,"url":"https:\/\/michelsanti.fr\/en\/us-china-relations\/us-china-partners-in-manipulation","url_meta":{"origin":26118,"position":3},"title":"US\/China: Partners in Manipulation","author":"Michel Santi","date":"December 9, 2025","format":false,"excerpt":"While the yuan remains artificially devalued, the United States deliberately turns a blind eye. This unexpected alliance masks a cynical pact: preserving American symbolic power at the cost of real economic decline. The Sino-American face-off is merely a theater; currency manipulation is their shared secret. The staggering distortions experienced by\u2026","rel":"","context":"In &quot;Economic Power Shift&quot;","block_context":{"text":"Economic Power Shift","link":"https:\/\/michelsanti.fr\/en\/category\/economic-power-shift"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/123152177-us-dollar-and-yuan-banknote-on-usa-and-china-flags-its-is-symbol-for-tariff-trade-war-crisis.jpg?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/123152177-us-dollar-and-yuan-banknote-on-usa-and-china-flags-its-is-symbol-for-tariff-trade-war-crisis.jpg?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/123152177-us-dollar-and-yuan-banknote-on-usa-and-china-flags-its-is-symbol-for-tariff-trade-war-crisis.jpg?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/123152177-us-dollar-and-yuan-banknote-on-usa-and-china-flags-its-is-symbol-for-tariff-trade-war-crisis.jpg?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/123152177-us-dollar-and-yuan-banknote-on-usa-and-china-flags-its-is-symbol-for-tariff-trade-war-crisis.jpg?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":27658,"url":"https:\/\/michelsanti.fr\/en\/usa-2\/trump-europe","url_meta":{"origin":26118,"position":4},"title":"A Fatal March","author":"Michel Santi","date":"March 3, 2025","format":false,"excerpt":"Trump's Tweet and the Initial Reaction (March 15, 2025) On March 15, 2025, at 8:43 a.m., America is abruptly awakened. A tweet from Donald Trump, as brief as it is devastating, strikes the country like an earthquake: \"America First! 20% tax on Mexican and Canadian oil, immediate. No more energy\u2026","rel":"","context":"In &quot;tariffs&quot;","block_context":{"text":"tariffs","link":"https:\/\/michelsanti.fr\/en\/category\/tariffs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/trump-merkel.jpg?fit=1200%2C637&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/trump-merkel.jpg?fit=1200%2C637&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/trump-merkel.jpg?fit=1200%2C637&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/trump-merkel.jpg?fit=1200%2C637&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/03\/trump-merkel.jpg?fit=1200%2C637&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":21685,"url":"https:\/\/michelsanti.fr\/en\/china\/china-trapped-by-capitalism","url_meta":{"origin":26118,"position":5},"title":"China trapped by capitalism","author":"Michel Santi","date":"October 28, 2021","format":false,"excerpt":"\u00a0 China has thus far functioned by building 15 million homes a year, which is 5 times more than the US and Europe combined. After the collapse of the 300 billion dollar Evergrande, the biggest real estate company in China, the issue \u2013 albeit not a recent one \u2013 of\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/10\/villes-fantomes.png?fit=550%2C381&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=26118"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26118\/revisions"}],"predecessor-version":[{"id":26120,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/26118\/revisions\/26120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/26115"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=26118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=26118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=26118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}