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The collapse of a property developer in Hangzhou causes a mini-financial meltdown in the city...

The collapse of a property developer in Hangzhou causes a mini-financial meltdown in the city and shines more light on so-called "credit guarantees," reminiscent, says Patrick Chovanec, of the circular arrangements common on Wall Street prior to 2007. Chovanec may be doing disservice to China, which appears to have outdone anything concocted in the U.S. during its credit bubble.
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