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

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Li Yuan
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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 2mos

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.