Individual banks reporting their numbers, despite state participation vs local a

Individual banks reporting their numbers, despite state participation vs local and regional government numbers entirely captured by the state. Banks have an interest in stating this information at least vageuly accurately.

(FWIW: the reason my prediction of the timing China’s ‘correction’ was so far off, and the only long term prediction I’ve been off on, was the quality of the information, which we increasingly understand, with increasing shock, was effectively fabricated.)

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