What a debt crisis in the provinces says about governing China

Published: 16/11/2017
What a debt crisis in the provinces says about governing China
Source: WWW.ECONOMIST.COM

IT IS a truth universally acknowledged, said China’s central-bank chief, Zhou Xiaochuan, recently, that huge debts are “the root of weakness in China’s macro financial system”. A truth less universally acknowledged is the role of politics. A big part of the debt problem stems from a dysfunctional relationship between central and local governments. Tensions between them pushed up debt to dangerous

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