Localities are having cashflow issues, since all the VAT basically goes to the central government and without property taxes they rely on land transfer taxes. T

Localities are having cashflow issues, since all the VAT basically goes to the central government and without property taxes they rely on land transfer taxes. That could be playing out harshly in lower tiered cities, but I honestly have no idea what is going on ATM. Any claim about china has to be prefixed with some at least, since there are lots and lots of people.