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Author McMahon, Dinny, author.

Title China's great wall of debt : shadow banks, ghost cities, massive loans, and the end of the Chinese miracle / Dinny McMahon.

Publication Info. Boston : Houghton Mifflin Harcourt, [2018]

Copies

Location Call No. Status
 Avon Free Public Library - Adult Department  336.34 MCMAHON    Check Shelf
 Farmington, Main Library - Adult Department  336.34 MCM    Check Shelf
Description xxi, 256 pages ; 24 cm
Bibliography Includes bibliographical references and index.
Summary "A stunning inside look at how and why the foundations upon which China has built the world's second largest economy have started to crumble. Over the course of a decade reporting on the ground in China as a financial journalist, Dinny McMahon gradually concluded that the widely held belief in China's inevitable economic ascent is dangerously wrong. In this unprecedented deep dive, McMahon shows how, lurking behind the illusion of prosperity, China's 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 become a fixture in the press, 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 unique--and often bizarre--mechanics of the Chinese economy, including the state's addiction to appropriating land from poor farmers, why a Chinese entrepreneur decided it was cheaper to move his yarn factory to South Carolina, why ambitious Chinese mayors build ghost cities, and how the Chinese bureaucracy stared down Beijing's attempts to break up the state's pointless monopoly on 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. [This book] unravels an incredibly complex and opaque economy, one whose fortunes--for better or worse--will shape the globe like never before."--Jacket.
Contents Introduction: fear and greed -- The black box -- The zombie accommodation -- Ghost cities -- Robbing Peter -- The island of misfit toys -- The great ball of money -- The resistance -- Voodoo economics -- The new normal.
Subject Debts, External -- China.
China -- Economic conditions.
China -- Economic policy.
Debts, External. (OCoLC)fst00888828
Economic history. (OCoLC)fst00901974
Economic policy. (OCoLC)fst00902025
China. (OCoLC)fst01206073
Other Form: Online version: McMahon, Dinny. China's great wall of debt. Boston : Houghton Mifflin Harcourt, 2018 9781328846020 (DLC) 2017054638
ISBN 9781328846013 (hardcover)
1328846016 (hardcover)
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