furnace
Opinion

China’s desperate debt fuelled gamble – Part 3 of 4

Mao’s “steel furnaces in every commune” created inefficient producers that China needs to shut down as part of its transition to a global economic power. Despite commitments to do this, China is now desperately trying to hold on to 6.5% pa growth rate and lending money to these same inefficient producers to keep investing. If the gamble fails, it increases the likelihood of a China hard landing

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