China is in deep economic trouble. Last year, the real estate sector, which represents at least 25 percent of its GDP, was spooked by the unthinkable. Housing prices fell by 4.5 percent, which never happened in 20 years. There was an inventory of 60 million apartments that failed to find buyers and there were jitters all around. The depressed sector is not about to reverse its downward course this year.

The roaring stock market had to suspend trading recently to prevent a full meltdown—and pray for a correction that never came. The Bank of China has tried most options in its book to stimulate the struggling economy and the sluggish manufacturing sector, which is currently operating at a 70 percent capacity. To no avail.

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