Saw on Xiaohongshu that Zhejiang Financial Asset Exchange's 60 billion RMB wealth management product has defaulted.
It's quite lamentable because a former colleague used this wealth management product. Not sure if they managed to withdraw, the annualized return was only 4%.
People on Xiaohongshu are all saying that the government will step in and resolve it in one go.
It's only right that this kind of thinking gets taken advantage of.
If the government could backstop everything, Evergrande and Vanke wouldn't go bankrupt.
People always have to pay for their own cognitive choices.
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Saw on Xiaohongshu that Zhejiang Financial Asset Exchange's 60 billion RMB wealth management product has defaulted.
It's quite lamentable because a former colleague used this wealth management product. Not sure if they managed to withdraw, the annualized return was only 4%.
People on Xiaohongshu are all saying that the government will step in and resolve it in one go.
It's only right that this kind of thinking gets taken advantage of.
If the government could backstop everything, Evergrande and Vanke wouldn't go bankrupt.
People always have to pay for their own cognitive choices.