China’s cities are on the verge of a debt crisis
Without intervention, the result could be more protests and bond-market chaos
From several kilometres away China 117 Tower, the world’s sixth-tallest skyscraper, is an extraordinary sight—rivalling anything Dubai, Hong Kong or New York has to offer. On closer inspection, however, the building in Tianjin is revealed to be an eyesore of epic proportions. Construction on “117”, as locals call it, was never completed. Large sections remain unfinished; patches of the tower’s concrete skeleton are exposed to the outside world. Instead of becoming a magnet for business and wealth, it has been repelling prosperity for years. Other derelict towers surround the building, forming a graveyard of a central business district. Local officials would hide the entire area if they could.
This article appeared in the Finance & economics section of the print edition under the headline “A vertiginous view”
Finance & economics
March 4th 2023- America’s property market suggests recession is on the way
- Russia’s sanctions-dodging is getting ever more sophisticated
- The anti-ESG industry is taking investors for a ride
- China’s cities are on the verge of a debt crisis
- Is India’s boom helping the poor?
- David Solomon lacks answers for Goldman Sachs’s angry investors
- Ajay Banga may be just what the fractious World Bank requires
- The case against Google hinges on an antitrust “mistake”
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