China Bank

This is probably one of the most important charts right now about the Chinese economy. To offset the collapse in the real estate sector, Beijing has managed to surge credit to the manufacturing sector, which has helped prevent a total collapse of domestic credit growth and demand

This chart cogently explains why the commodity complex has remained resilient despite China's property collapse. One thing I kept hearing from onshore managers is that commodity demand from the manufacturing sector, especially those related to green economy, has remained strong.

For example, Chinese production of solar cells and EVs have absolutely gone through the roof.