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China's Great Wall Of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle,Used
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A stunning inside look at how and why the foundations upon which China has built the worlds second largest economy, have started to crumble.Over the course of a decade spent reporting on the ground in China as a financial journalist, Dinny McMahon gradually came to the conclusion that the widely held belief in Chinas inevitable economic ascent is dangerously wrong.In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, Chinas economic growth has been built on a staggering mountain of debt. While stories of newly built but empty cities, white elephant state projects, and a byzantine shadow banking system, have all become a regular fixture in the press in recent years, McMahon goes beyond the headlines to explain how such waste has been allowed to flourish, and why one of the most powerful governments in the world has been at a loss to stop it.Through the stories of ordinary Chinese citizens, McMahon tries to make sense of the uniqueand often bizarremechanics of the Chinese economy, whether it be the states addiction to appropriating land from poor farmers; or why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina; or why ambitious Chinese mayors build ghost cities; or why the Chinese bureaucracy was able to stare down Beijings attempts to break up the states pointless monopoly over the distribution of table salt.Debt, entrenched vested interests, a frenzy of speculation, and an aging population are all pushing China toward an economic reckoning. Chinas Great Wall of Debt unravels an incredibly complex and opaque economy, one whose fortunesfor better or worsewill shape the globe like never before.
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