Something is somewhat amiss in China. As export markets stuttered in the aftermath of the financial crisis, the country turned to credit to fuel its growth. Total debt owed by Chinese households, companies and governments now stands at almost 200 per cent of gross domestic product, up from 130 per cent in 2008. Much of this has been squandered. In this week’s three-part series, the Financial Times reports vividly on the unused factories, unfinished roads and unlived-in apartments that are the economic detritus left behind by the binge.
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