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The headquarters of the People's Bank of China is pictured behind an iron chain in Beijing.


Will China’s property woes get political?

As China’s financial troubles mount, analysts forecast stormy skies for its economy — and potentially, its politics.

Much of the turmoil centers on the country’s real estate sector, which has traditionally driven up to 25% of its economic growth. Last Friday, property development giant China Evergrande Group filed for bankruptcy in the US after two years of restructuring. The same day, Hong Kong’s Hang Seng Index announced that it would be dropping Country Garden Holdings, the country’s largest property developer, from its listing as of Sept. 4. Earlier this month, Country Garden missed a deadline to pay $22.5 million in loan interest and is described as “teetering on the edge of default.”

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U.S. President Joe Biden delivers remarks on voting rights during a speech on the grounds of Morehouse College and Clark Atlanta University in Atlanta, Georgia, U.S., January 11, 2022.

REUTERS/Jonathan Ernst

Hard Numbers: Biden ditches filibuster, Afghan aid, global economic slump, Chinese lockdowns

60: After sending mixed signals during his campaign and in office, US President Joe Biden now wants to get rid of the Senate filibuster in order to pass voting rights legislation. The current rule allows the minority to block any law that doesn’t have the 60 votes needed to end debate in the 100-member upper chamber of the US Congress.

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