China’s Great Wall of Debt: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle” by Dinny McMahon

China’s Second Heavy Machinery Group in southwestern China’s Sichuan Province is the proud owner of “the world’s biggest closed-dye hydraulic press forge”, at 22,000 tons a piece of very heavy machinery indeed. The forge is able to exert 100,000 tons of force on a piece of metal, powerful enough to warp the hardened alloys used in aircraft engines and mining drill bits into shape. More than twice enough. The most powerful forge in the United States has only half the capacity, but seems to do just fine.

On the opposite side of China, the Baoneng Shenyang Global Financial Center, a skyscraper taller than One World Trade Center, is being built in the capital of northeast China’s Liaoning Province. An even taller super-skyscraper, Wuhan’s Greenland Center, is going up in central China’s Hubei Province. Both buildings stand half-built and entirely empty, construction stalled for more than a year. When One World Trade Center opened in 2014, nearly two-thirds of its floorspace had already been leased.  = Continue Reading: Click Here =