Interesting report from 101 East of
looks at the effects of economic slowdown in China, from unfinished large-scale property development ‘ghost towns’, illegal loans and effects on employment:
There’s a magic formula to becoming a millionaire in China - borrow big to earn big.
For years, individuals, state-owned companies and municipalities have taken massive loans to chase the Chinese dream.
Now it’s payback time, but a severe economic slowdown means many are struggling to pay their debts.
Entire neighbourhoods have become “ghost towns”, industrial companies sit idle and the unemployed are growing desperate.
Government economists claim China has enough in its coffers to cover
the bad loans, but defaulting on it could send the world’s economy into a