Three years of strict pandemic controls in China and a real estate crash have drained local government coffers, leaving authorities across the country struggling with mountains of debt. The problem has gotten so extreme that some cities are now unable to provide basic services, and the risk of default is rising. – CNN
Gordon G. Chang writes: China has continuing debt defaults, a stagnating economy, plunging property prices, worsening food shortages and a deteriorating environment, in addition to facing a viral outbreak that is “by far the world’s largest.” Moreover, the country has entered into a decades-long period of steep demographic decline. Xi is being blamed for all the problems confronting the regime, and that means the infighting in Beijing is bound to get worse. – The Hill
Gordon G. Chang writes: China has continuing debt defaults, a stagnating economy, plunging property prices, worsening food shortages and a deteriorating environment, in addition to facing a viral outbreak that is “by far the world’s largest.” Moreover, the country has entered into a decades-long period of steep demographic decline. Xi is being blamed for all the problems confronting the regime, and that means the infighting in Beijing is bound to get worse. – The Hill
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