The “too big to fail” businesses ended up being the best investments in the US. Commercial debt in China is guaranteed by proxy of the whole Chinese economy, because the government has direct ownership. The Chinese economy is in turn stabilized by the fact everything from your toothbrush to your car tires are made in China or using raw materials they control.
China has the factories but they are hugely dependent on imports of materials and energy; technology from overseas companies; and overseas markets to export to. Throw in their demographics - which are less suited to manufacturing every year - and there could be serious problems for China on the horizon. I hope it leads to a more humane CCP.
