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Communist China's Socialist Market Economy "A Complete Mess"

Communist China's Socialist Market Economy "A Complete Mess"
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"A Complete Mess" - China Stocks, Bonds, Commodities Crumble As Trade Data Disappoints | Zero Hedge

The forced deleveraging of China's WMP-driven excess was not helped overnight by disappointing trade data as both import and export growth slumped.
The soaring cost of debt has created yet another vicious circle as China bond issuance has collapsed. In April, the number of aborted issues rose to 154, up from 94 in March, 32 in February and 31 in January.

These signs of mounting stress in China's $9.3tn bond market come less than a month after the country's banking regulator, Guo Shuqing, was quoted as supporting a campaign to sort out chaotic practices, and threatening to resign if the banking system became "a complete mess"As The FT concludes, April's increase in cancelled bond issues continues a trend of collapsing bond issuance volumes in the first four months of the year:

"The collapse in domestic bond issuance is a clear consequence of efforts to rein in shadow banking generally and wealth management products specifically," said Gene Frieda, global strategist for Pimco, the US investment management firm. "This adds to an already sizeable credit tightening impulse baked into the cake for the second half of this year." "The question now is not if China's economy will slow, but rather how fast," Mr Frieda added.

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