According to British media, shortly after the global financial crisis began to ease in 2009, James Shanos, the leader of the hedge fund Kinicos United Company, thought he had found a large short-selling target-China. He began to short those companies that would suffer losses in the event of a hard landing in China, and spread the "hidden dangers" in China's economy everywhere. He said, "What best illustrates the existence of a bubble is excessive credit, not valuation. At present, no country has more excessive credit than China. " Since then, a group of hedge fund managers have quickly followed suit.

According to the website of the Financial Times (65438+124 October), the time is fast forward to 20 18 years, and most people who are bearish on China have been forced to swallow the bitter fruit. Although China's economy began to slow down from the double-digit growth rate of 10 years ago, it also encountered bumps in 20 15 years and 20 16 years, but it finally subsided every time. The debt crisis and exchange rate crash predicted by many people did not come true. In 20 17, the gross domestic product (GDP) of China increased by 6.9%, the fastest growth rate in two years.

According to the report, many China skeptics gave up, and they suffered a particularly heavy blow. According to the data of S3 Partners, a data provider in new york, in 20 17 years, investors who shorted China companies listed in Hongkong or Mainland lost more than $35 billion, almost half of their bets. Hugh hendry of Zhongchang Fund Company switched to bullish China on 2016, but had to close his hedge fund last year; Mark Hart of Kohlandt Consulting Group gave up his bearish position on China in September; Burbank, the passport capital company, closed its flagship fund in June+February, 5438. Even Chanos said that since he started shorting China, now is the smallest time for him to short China.

In 2009, hugh hendry posted a video of "Ghost Town" on YouTube, and predicted that the bursting of the real estate bubble in China would trigger another global financial crisis. However, in recent years, his views on China have become positive.