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Billionaire Paul Singer: China Crash Is ‘Way Bigger Than Subprime’

“If you look at the Chinese financial system, you look at shadow banking, you look at the amount of leverage, you look at how desperately they worked to keep the stock market up. It looks worse to me than 2007 in the U.S,” Ackman said.

.. Mary Erdoes, chief executive officer of JPMorgan Asset Management, said at the event that China’s equities markets don’t reflect the economy.

“It’s been 25 years of 7 percent growth,” said Erdoes. “No other country has displayed that. Not even the U.S. There’s a lot going on in the economy and it’s completely disassociated with the stock market.”