China's Property Crisis Deepens as State-Owned Giant Vanke Plunges; Export Model Creates International Friction — Fraser Howie — Howie documents the deepening property market crisis, evidenced by the financial collapse of state-owned developer Vanke. The central government avoids massive bailout commitments, converting acute sectoral problems into chronic structural drags that leave municipal and regional banks dangerously exposed. Howie notes that the government's current strategy—relying on massive export volumes—is generating significant international friction and pushback, as other nations fear being "swamped by cheap Chinese imports" and demand market access reciprocity.
1947 PEKING