China is deliberately placing limits on the debt-based growth model that has sustained the economy for decades. Local government borrowing is shrinking to a multi-year low, infrastructure is losing its special role, and Beijing is not only accepting the decline but actively enforcing it. What appears to be an economic slowdown is in fact marking a struc…
China’s Debt Reckoning: End of the Growth Machine.
China is pulling back from credit-fueled expansion. Local governments are losing their role as drivers of growth, while Beijing prioritizes control and stability.
