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Archive for the tag “local governments”

‘China’s Manhattan’ Borrowed Heavily. The People Have Yet To Arrive.

Chinese local governments are swimming in debt. By official accounts, that debt totals $4.5 trillion. By unofficial estimates, it could be as large as $10 trillion…China has long borrowed heavily to build and then counted on breakneck economic growth to pay it back. The script: Sell vast amounts of land to developers, borrow to subsidise construction, and jobs and new cities will result. It was a model that helped China build its skyscrapers and high-speed rail lines and ushered in an era of prosperity.

Read Here – The New York Times


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