You have to know how to interpret growth in China. You need access, like us, to debt reports for local governments. You have to understand that China's economy still relies on steel and cement. The country is always launching major Keynesian projects to stimulate growth. Yes, it has a manufacturing industry, but it's important to understand how China's economy is structured. If you take away steel and cement, when certain sectors slow down, everything slows down at the same time—keep in mind the real estate sector, as was mentioned earlier. The country reinvests to recreate economic growth. Eventually, that generates artificial value.
On April 24th, 2023. See this statement in context.