Beijing's Economic Desperation: The Triangular Debt Crisis — Andrew Collier — Collier interprets Beijing'spublic calls for state-owned enterprise and private sector cooperation as unmistakable indicators of governmental financial desperation, as the Chinese state systematically fails to compensate private suppliers and contractors. Collier documents that China is experiencing a debt crisis structurally analogous to the "triangular debt" phenomenon of the 1990s, wherein private firms accumulate mounting insolvency as Chinese banking institutions systematically privilege lending to state-backed entities over private sector enterprises, constraining private sector growth essential for technological advancement.
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