The author argues that his repeated China outlook is a direct result of the self-reinforcing momentum of deleveraging, which keeps the economy stuck in a malaise loop. For markets, this implies persistent downside pressure on China-exposed assets until policy or credit dynamics break the cycle, though the available excerpt identifies no specific securities or trades.
•The article opens by acknowledging that the author's China views are well known to regular readers.
•The author says the reason his China commentary feels repetitive is that deleveragings have a momentum of their own.
•The provided text is truncated at 'momentum that … Read more', so no additional data points, company names, or explicit calls are available in the excerpt.