The suggestion by Mr. Zhou is reminiscent of his previous comments during the U.S.-China trade war, where he was seen as indirectly criticizing Xi Jinping.

The CCP has introduced a support package with three new measures in an attempt to halt the continued decline of China’s property market.

‘The collapse of the financial system closely linked to the bursting of the real estate bubble is imminent,’ economist Li Hengqing said.

American economist Davy Jun Huang said that local government debt in China is enormous, creating an unprecedented financial predicament.

‘The most important thing to become an international financial center is trust from the United States,’ Takafumi Maki, a Japanese financial professional, wrote.

The RMB will depreciate further as the CCP may “monetize the fiscal deficit” of the state.