China’s Struggling Rich Cities Are Threatening the Entire Economy
Bloomberg reports that fiscal hardship gripping poorer provinces is spilling into wealthy regions long considered slowdown-proof.
Alex Zhang carefully hitched the fortunes of his construction supplies company to some of the wealthiest cities in a coastal sliver of China. Payment from government-back contractors looked assured in Hangzhou, Suzhou and Nanjing — industrial juggernauts sat in a cluster of eight provinces that contribute nearly half of the nation’s gross domestic product. Fast forward four years, Zhang is... ...
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