China is a dead man walking and is heading for the largest debt default in the history of human civilization. 90% of the citizens (I use that term loosely) own real estate and the value of their investment has crashed back to 2006 levels. The entire growth of China's real estate, both commercial and residential, has been fueled by debt and government mandates of centrally planned orders by the CCP. China is in a deflationary death spiral of epic proportion and deflation makes debts harder to pay and ends in default. The narrative is that the CCP is disciplined and they are somehow allowing this deflationary cycle to play out, that's complete BS. China has been printing yuan like lunatics in an attempt to reverse deflation but it's not working. China's M2 has grown massively (printing) and is now $47T. China's M2 is now 243% of GDP in comparison to the United States M2 of $22T and the equivalent of .73% of GDP. A deflationary cycle is a default cycle and to make things even more dire you must look at China's LGFV. The CCP forced local governments to borrow through LGFV's to fund infrastructure with estimates of $10T in total debt. The problem with LGFV debt is that it relies on land sales and land leases as the revenue source to cover the cost of that debt. Land sales and leases have collapsed and the source of revenue to pay the $10T of debt impossible to repay. The commercial banks and insurance companies are the holders of the debt and once the LGFV's default, the banks and insurance companies collapse with them. Given the fact that China has already printed $47T without any meaningful impact on deflation the end game is obvious, the largest debt default in history. The fact is that the CCP and central planning is a failed system and the yuan is toilet paper. China will see a complete collapse of their economic system and a depression that'll make the 1929 depression in the United States look like a minor economic downturn....