China’s Fiscal Reality: The Numbers Beijing Can’t Hide

China’s economy looks calm on the surface, but the numbers tell another story. By the end of September 2025, Beijing’s fiscal deficit had soared to 45 percent — nearly 9 trillion yuan against 19 trillion in revenue — and it’s on track to break 50 percent by year-end. To fill the gap, the government is raising taxes, squeezing citizens, and quietly printing money through “outright reverse repos.” This episode breaks down the data, the debt machine behind it, and why these policies could push China’s economy past its breaking point.

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