

I understand. I just think that the lack of movement isn’t necessarily all ideological, it’s the exact balance of interests that you’re talking about. Having to try to disincentivise officials from risky behaviour while also trying to solve the debt problem. I don’t think the Chinese government is as tied to the neoliberal “if you owe it you have to pay it back” stance, since they seem happy to forgive loans made to African countries and such. I think it’s trying to not piss off any of the “sides” too much while also trying to keep the urban middle class happy, the ones who invested in a second or third property thinking it was “safe”.
Controlled opposition imo. This way the US vassal states get to portray themselves as having a smidgeon of independence from Empire whilst having no material effect