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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's more of a matter of where the government decided to put its money in the first place. 70% of China's GDP is powered by its real estate market, which eventually lead to an over glut of housing.
You can only cook the books for so long before the whiplash of supply and demand takes effect. They have 50 million extra homes, and are still dumping money into building more. It's not going to be pretty when 70% of your economy catches up with reality.
Government spending is great, it just needs to be spent on things that people actually want/need. Not just pumped into the easiest sector that makes number go up.
70% of China's GDP is powered by its real estate market?! Do you have a source on that? This says it's about 20-30% https://www.axios.com/2023/10/11/chart-chinas-real-estate-struggles
which funnily enough, sounds about what it is for Canada, which I could see also imploding from its over-reliance on real estate.