There’s a magic formula to becoming a millionaire in China – borrow big to earn big.
For years, individuals, state-owned companies and municipalities have taken massive loans to chase the Chinese dream.
Now it’s payback time, but a severe economic slowdown means many are struggling to pay their debts.
Entire neighbourhoods have become “ghost towns”, industrial companies sit idle and the unemployed are growing desperate.
Government economists claim China has enough in its coffers to cover the bad loans, but defaulting on it could send the world’s economy into a tailspin.
101 East asks, is this the end of China Inc?
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