Summary of China's Great Wall of Debt
China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle by Dinny McMahon. Copyright © 2018 by Dinny McMahon. Published by Houghton Mifflin Harcourt. All rights reserved.
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In this revealing book, financial journalist Dinny McMahon highlights how current aspects of China’s economy echo the events that led up to the 2008 financial crisis in the United States: lax economic policy, excessive creation of new money, rising nonperforming loans and self-perpetuating asset bubbles in property markets. Instead of tackling underlying structural problems, China’s government has unleashed massive stimulus in the form of a building boom that its leaders hope will maintain strong growth. But bubbles burst, and poor investments eventually come home to roost. McMahon’s insights reveal a complex nation and the global consequences of its decisions.
About the Author
Formerly a financial reporter for The Wall Street Journal in Beijing, Dinny McMahon holds a fellowship at the Woodrow Wilson International Centre for Scholars.
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