December 10, 2012

China Is the World's Next Rust Belt

Gordon Chang, Forbes

AP Photo

Six cities in Liaoning province, including Shenyang and Anshan, recently announced they are converting abandoned industrial sites to farm land. Dongguan, once a booming factory center, is on the verge of bankruptcy as companies close, leaving the local government severely cash-strapped. Just two years after China overtook the U.S. to become the world’s largest manufacturer, the country faces the prospect of decades of de-industrialization. And there is little Beijing can do to arrest the slide.

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TAGGED: Michigan, United States, China

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