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for our own fine country.That stimulus is leading to some inflation now, with additional risks from a shaky and politicized banking system. But overall, my take is that the Chinese internal consumer is well-poised to take up the slack of export decline, thanks again to the smart stimulus above. It was part of a big pivot to reduce dependence on exports, improve internal infrastructure, and maintain employment. China has plenty of problems, but their development path remains strong, with a huge backlog of peasants and a state terrified of holding them back or seeing them unemployed.
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