Ground Zero for China's Debt Bomb

Ground Zero for China's Debt Bomb

The Binhai New Area in the municipality of Tianjin looks like a cross between a desolate stretch of the New Jersey Turnpike and the bottom of the ocean. Half-built residential high-rises shimmer in the sun-baked distance, so far apart that even thinking about walking between them is exhausting. Construction workers in yellow hard hats cross the road gripping sledgehammers; they look like schools of weary-eyed fish.

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