China’s real national debt: $46 trillion, 330% of GDP

The New York Times lists the topics that are to be “managed” as:

• Worse-than-expected data that could show the economy is slowing.
• Local government debt risks.
• The impact of the trade war with the United States.
• Signs of declining consumer confidence
• The risks of stagflation, or rising prices coupled with slowing economic growth
• “Hot-button issues to show the difficulties of people’s lives.”

The government’s new directive betrays a mounting anxiety among Chinese leaders that the country could be heading into a growing economic slump. Even before the trade war between the United States and China, residents of the world’s second-largest economy were showing signs of keeping a tight grip on their wallets. Industrial profit growth has slowed for four consecutive months, and China’s stock market is near its lowest level in four years.

“It’s possible that the situation is more serious than previously thought or that they want to prevent a panic,” said Zhang Ming, a retired political science professor from Renmin University in Beijing.

Mr. Zhang said the effect of the expanded censorship strategy could more readily cause people to believe rumors about the economy. “They are worried about chaos,” he added. “But in barring the media from reporting, things may get more chaotic.”

More at Zero Hedge