Reading between the lines recently, it seems China tried the same stunt as almost 20 years ago, when it allowed greedy US bankers to buy non-performing loans from Chinese banks. US-bankers were greedy and Chinese banks were delighted to load up the Americans with absolute crap assets.

Some US bankers established JVs with China law enforcement organs, in order to literally blackmail money out of corrupt provincial bureaucrats, under whose responsibility and charge the bad loans were incepted, because the delinquent loans had been much worse than expected.

The corporate memory of US investment banks only lasts about 8 years, so they are now perfectly capable of falling into the exact same trap again.

Trump's trade war prevented progress. But I guess after 1 year of Biden administration China will offer again "financial opening" and "allow" US investment bankers to buy total crap assets from China banks at sub-prime prices.

And the US banks will fall for it again, as they did before.