Wednesday, Aug 04, 2010
Vast new housing estates fan out from the original town center, most of them uninhabited.
Reuters: China bets future on inland cities
Though legally barred from borrowing, provinces and cities have found ways around the restrictions, often through government-backed investment firms. These financing vehicles have borrowed a total of 7.7 trillion yuan ($1.1 trillion) from banks, according to the China Banking Regulatory Commission. That alone would about double the national debt
Posted by mark @ 09:45 AM (474 views) Add Comment
2 Comments
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1. drewster said...
From MoneyWeek:
Quite. Would we complain if Britain spent more money on infrastructure?
2. monty032 said...
Mark, of the eight articles posted so far today, you posted four of them, and only one of yours was about house prices - in China. How about giving it a rest?