China’s Cities Are Buried in Debt, but They Keep Shoveling It On

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Mar 28, 2023
#China #Economics

Li Yuan

@LiYuan6

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Read on www.nytimes.com

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China has long pursued growth by public spending, even after the payoff has faded. Cities stuck with the bill are still spending — and cutting essential services.

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Michael Pettis @michaelxpettis · Mar 28, 2023

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1/9 Good article, although we should have been seeing these several years earlier, when it first became clear that an unsustainable increase in SOE and local-government debt was embedded in China's growth model.