While many have attributed the resilience in China’s steel prices this year to Xi Jinping’s “supply-side reform magic”, we believe a much more basic measure is at play. More specifically, we believe that as external pressures began growing last year, intensifying earlier this year (i.e., an escalating global trade war + US dollar appreciation + resumption of hot money outflows [Ex. 5]), China resorted to its old ways and unleashed its property market… yet again.
https://www.zerohedge.com/news/2018-07-18/while-credit-growth-continues-collapse-china-again-building-apartments-heavens
