エンロンと同じ道を必ずたどる中国経済

What Brexit Means for China: More Power, Less Economic Security
By Minxin Pei
June 27, 2016

https://fortune.com/2016/06/27/brexit-china-fallout-economy-politics/

China’s $13 Trillion Problem Is Becoming Everyone’s

Ma is particularly worried about excessive regional government borrowing setting off a “chain reaction” of defaults that unnerve markets. These local government financing vehicles, or LGFVs, have been at the center of the nation’s infrastructure boom. They’re the fuel driving the countless six-lane highways, international airports and white-elephant stadiums being built around the most populous nation.
Yet they’re also responsible for the “Enron-ization” of China’s economy. LGFVs are, essentially, off-the-books schemes. They’re vehicles that carry a perceived government guarantee, even though one doesn’t exist. As Ma suggests, though, Beijing could allow stronger LGFVs to absorb weaker ones, even if they’re in other provinces. Think of it as a non-bailout bailout.
While all this is happening, China is allowing more and more foreign punters into its markets. In April, segments of China’s $13 trillion onshore market got added to the Bloomberg Barclays Global Aggregate Index. That puts pressure on others—including JPMorgan Government Bond Index and FTSE World Government Bond index—to include China and up their weightings.
The risk, of course, is overseas investors are hard to silence. Wall Street talking heads appearing on CNBC and Fox Business television are apt to call Beijing out on market quirks. If transparency, corporate governance or settlement procedures are found lacking, Beijing risks losing face. Even more so, if defaults get away from Chinese authorities—and cause capital flight.
These tensions, more than perhaps anything else, will come to a head in 2020 in ways that demand Xi’s attention. Investors everywhere, too, if Asia’s biggest financial power stumbles.
https://www.forbes.com/sites/williampesek/2019/12/20/chinas-13-trillion-problem-is-becoming-everyones/#27c1f7124144

経済崩壊。そして、分裂➡内戦は時間の問題でしょう。
中国の最大の敵は中国。
米国と喧嘩する余裕なんてもう無いんですよ。（爆ｗｗｗｗｗｗｗｗｗ