The country’s financial outlook is deteriorating so quickly that some economists now fear its stimulus-fuelled property bubble could finally burst
sector as an example of how ruthless the government can be; even though the sector was a major boon for the economy, the ruling party worried that tech giants such as Alibaba were growing too powerful.,” Mr. Dollar said of the government’s mentality.
But even before the pandemic hit, Beijing seemed aware that the sector was overheated and started using the mantra “housing is for living in, not for speculation.”
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