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>> They have ... lack experience of crashes/associated fraud. The Asian financial crisis was all these things.
by shubb 9y ago
>> They have ... lack experience of crashes/associated fraud.
The Asian financial crisis was all these things.
- PakG1 9y agoThe average Chinese person did not experience this. In 1997, China was nowhere near where it is now in terms of the average Chinese citizen's exposure to global markets, bubbles, and crashes. Even now, their ability to invest is supremely limited such that real estate is one of the only real investment options, fueling a nasty bubble. One of the people I manage in Shenzhen asked for a raise last year because they lost all their savings in a local stock market crash. Person is about 50 years old. Scams are common. China is not ready.
- sanxiyn 9y agoAsian financial crisis of 1997 didn't affect China much.