Thank you for taking a look under the hood, so to speak, on M1 data. This sort of granular view is critically vital for people trying to understand money movements within the Chinese economy. You cite the equity market as a means to redress the discrepancies between national, provincial and local government spending. What do you see happening in the short run where social spending is the responsibility of local governments increasingly on the brink of financial chaos?
Thank you for taking a look under the hood, so to speak, on M1 data. This sort of granular view is critically vital for people trying to understand money movements within the Chinese economy. You cite the equity market as a means to redress the discrepancies between national, provincial and local government spending. What do you see happening in the short run where social spending is the responsibility of local governments increasingly on the brink of financial chaos?