In a steel and coal-mining region of 5m people in the Chinese heartland, signs of economic slowdown are everywhere.
Forests of newly built but nearly abandoned apartment complexes, with names such as Fortune Plaza and Golden Riverside, ring central Yuncheng while, on the outskirts of town, the district’s largest steel mill has gone bust, leaving mountains of unpaid debt and nearly 10,000 workers idle.
“I used to bring lots of investors and steel people out here to visit the plant,” says Zhang Pu, a taxi driver waiting outside an empty hotel next to the headquarters of Highsee Group, the troubled steelmaker.
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