Only the Chinese government is still standing

China’s economy is hitting a wall—and Trump’s tariff war just slammed the brakes harder. Exports are tanking, credit has vanished, and a banking crisis is brewing. Private companies are being strangled by forced repayments and frozen lending. By April, China’s financial activities had basically come to a halt. The only entity still able to borrow money from the financial system was the government. So just how bad is China’s economy?
1. The myth of April’s export “growth”
2. The operating logic of Chinese banks

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