◎ The tax and social security reform will sharply increase the financial burden of Chinese firms.
◎ SOEs cannot pay interest on their financing liabilities even if they are granted very favorable interest rates, let alone pay principle.
◎ China’s industrial firms’ profits actually fell 6.8 percent in the first quarter of the year.
◎ The central bank’s injections suggest that it does not have enough collateral to print money.
◎ Based on our estimate, implicit debt in some cities and counties was three to four times higher that of their public debt.
◎ The Sino-U.S. trade war is underway. And China lacks “ammunition.”
◎ There are two reasons why the Xi administration appears to be motivated to open up China’s economy.
◎ Industrial profits had in fact fallen 6 percent year-on-year.
◎ NBS data actually indicates that China’s economy is worsening all-round.
◎ A national database could be used to facilitate the investigation of corrupt officials.