China 10Y bond yield down to 1.7%. Same levels as the US 10Y bond yield back in 2012. 2012 was tough times: --S&P 500 at 12x PE (like the CSI 300 today) --US index flat for 13 years (like the CSI 300 today) --MSFT and Apple at 10x PE (like China big tech today) --US home prices down for 6 years in a row (like China real estate today) The only thing exciting back then was SaaS IPOs, all the rage. Servicenow, Workday listing at 20x P/S and popping 70% up... (Facebook IPOed too, that was a dog) --Like China AI IPOs today Some metrics are differences though, the US had 2% inflation, China is flat. The parallels today don't mean what follows in China is the same as what followed in the US then. Just interesting that the same stuff happens in different places.