Lol, the CCP is nearly powerless to initiate the true reforms the country needs. The banks constantly borrow money from each other and 3rd party show banking services to give out loans to state owned businesses. and strategic industry darlings that allows them to dominate industry at unfathomable costs (massive overcapacity and construction destroying market value and wasting billions) Then when they can't pay back their loans because of those unfathomable costs and short-sighted decisions that make being the industrial center of the world unprofitable they take out more loans from banks who can't give them but have to. Who then take out even more loans from other banks and shadow banking services. Which is why China's true industries are wealth related services, construction, and land development. Nobody needs the houses and it often comes at the cost of forcefully removing farmers from their land, disrupting legitimate agricultural services. Replacing them with houses that'll instantly be bought but never inhabited because of the Chinese mindset in regards to real estate investment being about long-term resale value snowballing, not renting. Why does nobody do anything at these state owned businesses? Because they act very independently from the government and the endless amount of loans and spending means even the lowest of the low worker is paid very well and given incredible benefits.(free cars, housing discounts, tons of spending packages) So not only are elite capitalistic interests entrenched to such a point that it's even within the little guy's interest to uphold them. These people also have direct access to the state and have no need to lobby like the U.S. The reason they haven't collapsed yet and why they never fall apart when some big man calls it is because of their state intervention. Which basically amounts to propaganda and continued bailouts because the party has massive trouble fighting itself. China is very much the late stage capitalistic society they think America is BECAUSE of the CCP's intervention. Crony capitalists who succeed because they literally work for the government and don't have to play by the rules and can pick on and bully everyone else. A society where the poor get poorer as their land and livelihoods are stolen from them for totally pointless projects that only exist to make money off suckers because of its perceived value within the context of finance. But has no real value because in practice supply vastly outstrips demand, no one wants to live in the middle of fucking nowhere. Which then makes the state worse. Despite a very real demand for housing in the major cities that doesn't get met. China hasn't collapsed year after year despite constant predictions because the CCP are good at kicking the can down the road. Sure their system is a total sham so obsessed with profit to the point they build totally useless infrastructure and industry from loans loaned to them from banks loaning from another bank loaning from a shadow bank. But the people believe in the real value. As I mentioned, the real estate isn't lived in and serves no functinal purpose, but the biggest form of Chinese investment is real estate. So these houses that no one will ever live in disappear instantly from the market. The second people realize en masse will instantly destroy the land purchasing, construction, and real estate bubble that sustains China's GDP. The second state corporations can't make up their losses by endlessly repaying loans with new loans, everything falls apart. So they keep printing money and keep tolerating the totally broken financial system, the CCP has no other choice.
The greatest example of China hen American kids were suffering from iodine deficiency on the American frontier (basically not enough table salt) which leads to seriously issues of brain development. They gave salt companies benefits if they brought their salt inward. The issue totally disappeared. China's glorious idea was to look back to ancient history and create a monopoly. That monopoly disappeared China's problem too. But replaced it with a monopoly that extorts other businesses other industrial salt and ruins livelihoods and vastly marks up the cost of production in China, something they legally have no power over. America used a light hand and solved their problem. China used a heavy hand and created a new problem that they can never fix. Because their monopolies will cry about social stability going down the toilet from all the lost jobs and how the people will totally rebel. So the CCP relents and lets them do their thing.
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