China's $23 Trillion Local Debt Crisis Is Just Getting Started

An open pit mine, still operational although in a much smaller scale than during its heydays, near the Hegang Mineral Mountain Park in Hegang, China, on Saturday, April 1, 2023. Hegang represents just the tip of the iceberg of a local government debt problem that's making investors increasingly nervous and that threatens to be a drag on the world's second-largest economy for years to come. Photographer: Qilai Shen/Bloomberg via Getty Images
An open pit mine, still operational although in a much smaller scale than during its heydays, near the Hegang Mineral Mountain Park in Hegang, China, on Saturday, April 1, 2023. Hegang represents just the tip of the iceberg of a local government debt problem that's making investors increasingly nervous and that threatens to be a drag on the world's second-largest economy for years to come. Photographer: Qilai Shen/Bloomberg via Getty Images
China's $23 Trillion Local Debt Crisis Is Just Getting Started
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