No, the cause is when greed can't face reality and the gambling instinct kicks in and the leadership goes in survival mode. The bubble became bigger and their hopes became bigger but the facts and realities didn't change and it eventually caught up with them. Now will the Chinese gov put a spin on the disaster or accept reality and come out open?
Well, Covid-19 influenced everyone's economy.
Even what looks like a healthy company outside, to some degree they have problems inside.
That's why in many countries, there are a lot of resistance against the lockdown.
The problem is not just big businesses, but also small businesses, down to the individual.
There's unspoken suffering, frustration, and sadness everywhere.
In this world, there's no free money.
It's hard to say whatever it's because of greed or something, but everyone needs to work to survive and improve their living condition.
Imagine if because of Covid-19, farmers all over the world stop working and hope for free money, we will have a great famine.
The same with others.
Even a primitive people need to go to the jungle to hunt animals for food, and woman cooks at home.
Imagine if everything stops.
en.wikipedia.org
