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For the Chinese Communist Party (CCP), the most important meeting of the year, the seven-day Two Sessions, finally came to an end on March 11, 2024. It was one of the most hopeless meetings in decades. It’s probably because the top echelon of the CCP doesn’t know what to do in the face of the economic downturn. The Chinese public is also puzzled that over the past two years, from 2021 to 2023, the government issued about 54 trillion RMB, or about US$7.6 trillion, in banknotes. Still, the huge scale of money printing hasn’t positively impacted China’s economy and people’s livelihood. What is going on here?
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