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China is merging hundreds of small banks to fend off financial stress
(www.businessinsider.com)
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this post was submitted on 05 Feb 2024
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It could mirror the economic stagnation of Japan that begun in the 1990s. Very similar set of circumstances.
This stagnation had a devastating effect on Japan's standing in the world. If it ends up doing the same damage to China, then there is no chance for the country to become a superpower.