Trillions in Hidden Debt Drove China’s Growth. Now It Threatens Its Future.

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July 14, 2024 12:00 p.m. ET

LIUZHOU, China—Officials were bullish astir the aboriginal of their mill municipality successful aboriginal 2019. The system was prospering, a caller concern territory was connected the mode and an elevated light-rail strategy was taking shape.

“The achievements of the past twelvemonth person not travel easily,” Mayor Wu Wei said successful a metropolis study astatine the time. He credited the grit of section enactment leaders but didn’t notation an ace successful the hole.

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