RAYC - China's Private Sector Crackdown

• While the rest of the world has experienced one of the sharpest and most brief economic recessions in decades, China experienced something that has looked much more like a normal economic cycle.
• Whereas China has been on a bit of an island for the past year, tightening policy as others loosened, the tables now appear to be turning.
• China is showing no signs of reversing course on its tighter regulatory and capital market scrutiny regime.
• The major constraint to China’s current approach of increased government interventionism comes from the opposing forces of China’s global geopolitical ambitions and the hard reality of its demographics.

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