(https://www.marketwatch.com/story/china-is-collecting-on-old-debts-but-wont-pay-its-own-b5fccb4c?mod=mw_rss_topstories) reveals the real structural problem: Beijing is trapped between domestic stimulus needs and capital flight risk. Squeezing hundreds of billions from internal tax compliance doesn't generate *new* growth—it just redistributes stress.

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