The paradox of the Chinese Communist Party is that it is unelected but, at times, more responsive to public sentiment because it fears revolution. So, today, we get the rapid response to the emergence of “jingle mail” in its crashing property market.
Yesterday we saw the PBoC pledge more of nothing but other regulators stepping in:
Chinese regulators stepped up efforts to encourage lenders to extend loans to qualified real estate projects as the beleaguered property sector faced fresh risks from a widening mortgage-payment boycott on unfinished houses.
