Former Deputy Director of the State Tax Administration unmasks VAT refunds, unpaid pension contributions, and farmers' implicit contributions, suggesting state-owned capital as compensation.
While it is appropriate to study China's debt, Western media have completely distorted its significance. China has the lowest debt burden and the highest asset : debt ratio of any nation.
Beijing is holding at least $9 trillion in reserves, and explosive GDP growth ($1.5 trillion this year) would quickly erase the debt in any case.
90% of its debt is productive, backed by assets and paying dividends. The 'white elephant' 40,000km HSR system has an 8% ROI, and the Three Gorges has a 300% ROI.
While it is appropriate to study China's debt, Western media have completely distorted its significance. China has the lowest debt burden and the highest asset : debt ratio of any nation.
Beijing is holding at least $9 trillion in reserves, and explosive GDP growth ($1.5 trillion this year) would quickly erase the debt in any case.
90% of its debt is productive, backed by assets and paying dividends. The 'white elephant' 40,000km HSR system has an 8% ROI, and the Three Gorges has a 300% ROI.