"The idea that #Chinese firms are engaging in mass industrial espionage w/o the blessing of the govt is not the slightest bit believable," says CBB's Scissors, who has advised the White House on the issue. "#Beijing monitors everything."

@BBC

https://t.co/8F7x0a53NU

YES. CBB in May:

"A central feature of #China’s 2yrs of stability has been the cnt'd suppression of credit costs, which are running *clearly counter to the global direction*...PBOC can keep rates low, but consequences likely for both the Yuan & outflows"

https://t.co/zVmtD1cK4d

"Small firms have long suffered from less bank access & ↑ borrowing costs than large SOEs bc they're seen as high risk & have limited collateral"

YES. Borrowing in Q2 rose overall, but divergence bt large & small firm credit access jumps out of our data

https://t.co/YmuCr4TST3