![]() ![]() ![]() The author is former Financial Times correspondent in China, Australian-born Dinny McMahon, a Mandarin speaker whose access to corners of China we never hear from makes this book unique for its mix of personal stories and some solid economic analysis.ĭINNY MCMAHON: China grows because it builds things: invests in things like factories and housing and public works. The book is called 'China's Great Wall of Debt'. ![]() There have been warnings before about the risk posed by the country's ballooning debt, which is now at around US$35 trillion.Ī new book offers a new perspective on just how that debt has been racked up: via a 'build-at-any-cost' ethos, fuelling state-funded, white-elephant projects on a massive scale, while tolerating enormous waste - and with little prospect of reform on the horizon. ![]() LINDA MOTTRAM: The US dollar took a hit against the safe-haven Japanese yen today, a measure of ongoing jitters that the US and China are heading for a damaging, all-out trade war.Ĭompanies worldwide fear that access to the lucrative Chinese market will be crimped if the tit-for-tat trade hostilities can't be arrested.īut a trade war is not the only threat to the big-dollar Chinese market. ![]()
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