An unprecedented slump in Chinese investment. That’s what one media outlet called it. I don’t think slump is the right word. Crash might be a more appropriate one. While that tends to be overused, the numbers show not in this case. Especially when they are backed up by a crash in household lending in China, too, as Chinese banks just put up more grim stats. And all of this confirmation of what I told you months ago, the something big has changed over there this summer. 

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Bloomberg China’s Investment Crash Puzzles Economists and Threatens Growth
https://www.bloomberg.com/news/articles/2025-11-14/china-s-investment-crash-puzzles-economists-and-threatens-growth

Bloomberg PBOC Justifies Loan Slowdown Following Record Contraction
https://www.bloomberg.com/news/articles/2025-11-11/pboc-justifies-loan-slowdown-following-record-contraction

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