Via The Daily Bell
A bad credit score can be quite the hardship in America. But can you imagine a bad social credit score? China is implementing social credit scores that will influence the types of schooling, jobs, and housing available to citizens.
A couple of research reports released overnight by Deutsche Bank and Bank of America, respectively, come to a sobering conclusion: the fate of the global economy may be in the hands of the Chinese housing bubble. As a reminder, China is a serial bubble inflator courtesy of a closed (capital account) economy, and nearly $30 trillion in bank deposits which slosh from one asset class to another, be it the stock market, bitcoin, commodities, farm animals or - most often - housing.
One and a half years after the Chinese government violently burst the stock market bubble, leading the massive losses among retail investors, and months after China's third housing bubble since the financial crisis appeared to have peaked, also China has found itself with yet another hot-money funded bubble: commodities.
Ye Jianming isn’t a name that rings many bells... yet. But, according to SCMP, it will, considering what he’s achieved so far in a country where the state firms take all. As Fortune recently wrote, when it ranked Ye #2 in its "40 Under 40" list, he runs a $42-billion-a-year oil business in China, (No. 229 on the Fortune Global 500), yet few in China know anything about the mysterious tycoon or the firm he created, CEFC.
Via PandaHedge.com,
Overnight the People’s Daily published an interview with “anonymous authorities” on the topic of China's economy. It’s a very important article as the “anonymous authorities” is considered to be Mr. Liu He, who is the economy brain of President Xi Jinping. The interview sends strong signals that China policy will shift from its aggressive easing in Q1 to a conservative position which focus on structural reforms.