All Dragonometry content is free for now — daily briefings and weekly deep-dives like this one. The paywall goes live on 1 August (see offer at end). Our inaugural post lays out our thesis on the new US-China architecture. We also have a three-part series on the debate over the Chinese growth model.
China’s central bank and its securities regulator have spent much of 2025 and 2026 telling a good story: the country’s financing base is diversifying, bank loans are giving ground to bonds and equity, and this is what a maturing, market-based financial system looks like. We went looking for who is actually buying the bonds and the equity. It is not the story being sold.