#Supply Chain Debt
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The Factory Floor Reckoning: Why China’s Automotive Slump Is a Cash-Flow Crisis, Not a Balance-Sheet Shock
While China's property implosion destroyed household balance sheets and paralyzed bank credit creation, a stalling automotive sector triggers immediate industrial asphyxiation. An anatomical breakdown of supply-chain triangular debt, local state-equity write-offs, and the structural limits of subsidizing demand.