Book Title: Wild Ride: A Short History of the Opening and Closing of the Chinese Economy Author: Anne Stevenson Yang Headline: Ghost Cities, Mounting Debt, and Xi Jinping's Increased Surveillance The cash influx led to building "ghost cities" like Kangbas
Update: 2025-09-08
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Book Title: Wild Ride: A Short History of the Opening and Closing of the Chinese Economy Author: Anne Stevenson Yang Headline: Ghost Cities, Mounting Debt, and Xi Jinping's Increased Surveillance
The cash influx led to building "ghost cities" like Kangbashi and vast infrastructure, often for show. Post-2008, Chinapoured trillions more into the economy, fueling land-collateralized loans and an unsustainable real estate boom. Under Xi Jinping, severe COVID lockdowns and widespread disappointment led to increased surveillance and a mounting debt crisis, with municipalities struggling to pay essential services as the dream of unbridled economic growth retreats.
1959
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