Economic Security-China's Hidden-Debt Problem Laid Bare in Zunyi City's Half-Finished Roads, Empty Flats
A city in one of China’s poorest provinces is awash in half-built roads and apartment blocks, symbolic of the mounting debt crisis facing municipalities around the country after years of stimulus-fueled growth.
On a newly built six-lane highway in China’s southwest, a few young people jogged in light drizzle, housewives walked their dogs and retired men holding bird cages strolled with friends as cars occasionally passed in the other direction.
The Fengxin Expressway, still partially closed after construction stalled four years ago, is one of the many unfinished infrastructure projects in Zunyi, a city of 6.6 million people in mountainous Guizhou province. In addition to highways, housing projects and tourist attractions also stand incomplete, symbolic of the stark debt crisis that many local governments in China are facing after years of credit-fueled stimulus to juice growth.
Chinese Economic Down turn-Stress Is Building in China’s $12 Trillion Onshore Credit Market
Pressures are increasing for China’s credit market, with onshore defaults mounting and concerns resurfacing about the country’s ailing property sector.
Stress domestically rose to level 4 in June from 3, Bloomberg’s China Credit Tracker shows, the highest since February. The gauge indicates rising levels of financial strain via a band from 1 to 6. The worsening was caused largely by a pair of builders failing to make a combined 4.4 billion yuan ($608 million) of bond payments, the largest monthly total this year.
Other setbacks have included large domestic banks halting purchases of local notes sold in the Shanghai free trade zone. Local-government financing vehicles, the main issuers of such debt and whose debt is a growing risk for China’s economy, could face liquidity tightness from having to seek alternate financing channels.
China Warns Its Citizens on ‘Entrapment’ by US Law Enforcement
China issued an unusual warning to its citizens traveling to the US to beware of “entrapment” by American law enforcement, in a fresh show of continuing bilateral tensions despite a recent step-up in engagement. Unusual warning follows tensions over fentanyl trade. China has been accused of operating own police stations abroad.
“Chinese nationals who travel to the US should be more vigilant, and beware of falling into US snares and arrest-entrapment,” the Ministry of Foreign Affairs in Beijing said Monday in a security advisory posted on the official Wechat account run by its Department of Consular Affairs.
A US-China ‘war’ is on over a worldwide web of undersea cables
Thousands of metres under the sea, the United States and China are fighting a quiet “war”. The weapons are not submarines but networks of fibre-optic cables running along the sea floor that make the global Internet work.
These cables are conduits for the world’s data, which makes them valuable strategic and security assets. Currently, the US is ahead in the contest to control these assets. The global reliance on undersea cables, however, creates new openings for the People’s Republic of China (PRC) to employ grey-zone tactics in its pursuit of a regional sphere of influence.
Why China’s Young People Are Not Getting Married
Marriages in China are at a record low. Recent political and economic turmoil have added another reason to postpone tying the knot.
Chinese Women Economists Who Met Yellen Called Traitors Online
A group of Chinese female economists and entrepreneurs who dined with Treasury Secretary Janet Yellen have been blasted by online nationalists for betraying their country by interacting with the US official.
While the Treasury department skipped identifying attendees from the meeting on Saturday, a group photograph of the gathering posted to China’s Twitter-like Weibo was used to identify some participants.
China sends large group of warplanes, navy ships towards Taiwan
China sent 38 warplanes and 9 navy vessels around Taiwan, followed by 30 planes the next day. Of these, 32 crossed the midline of the Taiwan Strait, an unofficial boundary that had been considered a buffer between the island and mainland. Later on Wednesday, another 23 planes crossed the midline
US Navy plane flies through Taiwan Strait after Chinese drills
Chinese fighter jets monitored a U.S. Navy patrol plane that flew through the sensitive Taiwan Strait on Thursday, following two days of Chinese military exercises to the south of the island Beijing views as China's sovereign territory.
China has been incensed by U.S. military missions through the narrow strait, most frequently of warships but occasionally of aircraft, saying China "has sovereignty, sovereign rights and jurisdiction" over the waterway. Taiwan and the United States dispute that, saying it is an international waterway. The U.S. Navy's 7th fleet said the P-8A Poseidon maritime patrol and reconnaissance plane, which is also used for anti-submarine missions, flew through the strait in international airspace.
‘An Act of War’: Inside America’s Silicon Blockade Against China
The Biden administration thinks it can slow China’s economic growth by cutting it off from advanced computer chips. Could the plan backfire?
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