The Chinese government is taking steps to rein in what it calls “involution,” or excessive competition that is hurting local companies and fueling the country’s deflationary spiral.
Category: Hebei Province (China)
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Anger in China Over Flooding of Towns, in Part, to Save Beijing
A provincial leader set off an outcry by urging cities to serve as a “moat” for the capital, as diverted floodwaters sent scores of residents fleeing.
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China’s Cities Are Buried in Debt, but They Keep Shoveling It On
The New York Times – Business:China has long pursued growth by public spending, even after the payoff has faded. Cities stuck with the bill are still spending — and cutting essential services.
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Natural Gas Shortages Hit China as Temperatures Plunge
The New York Times – Business:Local governments starved for cash after enormous spending on costly “zero Covid” measures cannot afford to keep up adequate supplies of gas.