China has been very loose with its monetary policy historically but especially since the Crash in 2008. Its economy is also run (fundamentally) by cronycrats who think they can manipulate the economy to prosperity. (Sound familiar?)
They of course can’t and when the house of cards comes down it’s going to come down that much harder because of years and years of price obfuscation. There is no free lunch. There is no free credit. There are no free prices in China, and that is dangerous.