<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div class=""><br class=""></div><div class=""><img apple-inline="yes" id="B646419C-C720-4BD4-91C8-F89C80C8D4B8" src="cid:64444499-0D0C-41E1-B359-8A4C0CFD3971@PK5001Z" class=""></div><div class=""><br class=""></div><div class=""><br class=""></div><div class=""><br class=""></div><div class=""><br class=""></div><div class=""><br class=""></div><br class=""><div class="">
<div dir="auto" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none;">—————————————————————————————<br class="">“The US economy is based on debt-financed overconsumption, while China’s is based on debt-financed overinvestment.”<br class=""><br class="">South China Morning Post (Hong Kong)<br class=""><<<a href="https://www.scmp.com/comment/opinion/article/3040618/federal-reserve-prolonging-trade-war-keeping-biggest-financial" class="">https://www.scmp.com/comment/opinion/article/3040618/federal-reserve-prolonging-trade-war-keeping-biggest-financial</a>>></div></div>
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