Trillions in Hidden Debt Drove China's Growth. Now It Threatens Its Future.
Local governments racked up as much as $11 trillion in off-the-books debt to build industrial districts, resorts, transit systems and housing projects, including many that failed.
Local governments racked up as much as $11 trillion in off-the-books debt to build industrial districts, resorts, transit systems and housing projects, including many that failed.
