

Therefore they can continue to extract more from people than before. When you default, the amount owed increases significantly (doubles?).
This means more people are stuck with high payments and are required to work to continue to survive, less people getting retirement or other benefits, a larger workforce that is essentially captive to their debt and can be more easily manipulated because they are worried about making ends meet more than other things.
I see plenty of benefits for capitalists in a wide variety of industries if more people are beholden to more student debt.
You give too much credit. I think it’s pretty safe to assume no one but socialists and historians care (or know) enough about Deng and Zhao outside of China so they aren’t likely to weigh in. Now if the question included the tinyman trigger-word, you’d have people jumping all over this post saying China bad and quoting Wikipedia until their fingers bled.