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One month ago, when looking at the latest Chinese credit data, we said that Beijing’s credit flood is about to hit, even if the December data was a disappointment.
Two weeks later, we got confirmation when a local paper said that « China Bank Lending in Jan. May Hit Record at Over 4T Yuan », to which our response was that China had just wasted 3 years in another pointless deleveraging experiment to get back where it started: with massive credit injections as the only means for growth.
