China's Private Companies Face More Funding Pain

The transcript discusses the challenges faced by the private sector in China, particularly in relation to the banking sector's focus on state-backed companies. It highlights the role of the PBOC in addressing funding issues and the importance of economic growth amidst trade tensions. The discussion also covers the impact of deleveraging and liquidity measures, with a focus on policy calibration to balance growth and financial stability.

According to the text, what is the significance of the phrase 'It's not even the beginning of the end' in the context of China's economic situation?

What does the text suggest about the impact of trade tensions on China's economic slowdown?