- Some Chinese cities are majorly cash-strapped as the economy grapples with debt and deflation.
- Local governments have resorted to handing out bizarre tickets and shirking bills to make money.
- Economists have warned that the nation is at risk of a “lost decade” of economic stagnation.
China’s economic troubles have some cities so tight on funds that they’re starting to dole out bizarre tickets, shirk their bills, and even slash health benefits for the elderly.
That’ in part because municipalities have struggled over the past few years to keep up with the costs of China’s strict COVID-control protocols. Pandemic-related costs were a huge catalyst in propelling China’s national debt balance to 123 trillion yuan, or $18 trillion last year, according to analysts’ estimates cited by CNN.
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