The Chinese national government has a surplus, but the local and provincial governments are running massive deficits and have been for a while. I wouldn't be surprised if a lot of these actions are to free up cash for the necessary wealth transfer to keep the popping of the property bubble from becoming too catastrophic to the retiring population.
Does anybody actually dislike this result?
Billionaire CEOs. Imagine if Elon had to comply because Tesla has a factory in China.
I just came
I do, but only because said "financial elite" exists to begin with
The Chinese national government has a surplus, but the local and provincial governments are running massive deficits and have been for a while. I wouldn't be surprised if a lot of these actions are to free up cash for the necessary wealth transfer to keep the popping of the property bubble from becoming too catastrophic to the retiring population.
That makes no sense when the CPC can already create as many Yuan as it pleases out of thin air.
Why did you put taxes in quotation?
Because the local governments are just going to be embezzling it at the end of the day.
Nov. 2023: Biden says he still believes Xi Jinping is a dictator 🤡