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China’s ‘5 apocalypses’ signal global recession

Anonymous Coward
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07/12/2012 12:30 PM
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China’s ‘5 apocalypses’ signal global recession
Warning: China’s local governments drowning in debt

Remember the hundreds of billions of dollars that went to U.S. banks? Well, the China central government gave a $586 billion stimulus package to local governments.

That eased the pain during 2009’s global economic downturn. But the stimulus only deferred the pain. “Now they’re being asked to repay their debts,” Moss writes in Foreign Policy, “and that means some serious belt-tightening at City Hall.” Sound familiar? Like euro land? Maybe your local city hall?

Back in the boom days, many of China’s local governments went wild, like pension funds in America, and bought fleets of “flashy cars.” But now, for example, “the city of Wenzhou is planning to auction off 80% of its vehicles this year,” reports Moss. “That’s 1,300 cars, with similar fire sales occurring nationwide.

less than 50 percent cut an paste..

[link to www.marketwatch.com]