#PRC: Debts everywhere unpaid and unpayable. Anne Stevenson-Yang, author of the upcoming new edition of China Alone: Return to Isolation. @GordonGChang, Gatestone, Newsweek, The Hill
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 9 May 2023
⏱️ 11 minutes
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#PRC: Debts everywhere unpaid and unpayable. Anne Stevenson-Yang, author of the upcoming new edition of China Alone: Return to Isolation. @GordonGChang, Gatestone, Newsweek, The Hill
https://www.economist.com/finance-and-economics/2023/05/04/chinas-local-debt-crisis-is-about-to-get-nasty
https://www.reuters.com/markets/asia/china-forex-reserves-rise-3205-trln-april-2023-05-07/
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| 0:30.3 | This is CBS, I'm John Batchy with Gordon Chang, my colleague and friend. |
| 0:40.1 | And we go to a report in the economist magazine about a city, |
| 0:43.5 | a very large new city, Gua Young, in a province Guangzhou. |
| 0:49.6 | And the illustration in the economist piece is how this beautiful new city with these tall |
| 0:56.4 | buildings, residences all scattered around magically, |
| 1:00.4 | surrounded by a range of mountains into the distance. |
| 1:03.7 | How it got into so much trouble that it cannot climb out by itself with debt. |
| 1:09.2 | We welcome Ann Stevens and Yang, and as our guide on China getting itself into trouble with debt, |
| 1:15.0 | author of the upcoming new edition of China alone, return to isolation. |
| 1:19.5 | And a very good day to you. |
| 1:21.4 | debt. Why do provinces and municipalities have a debt burden? |
| 1:27.2 | How did they get into this fix? Good evening to you. |
| 1:30.0 | Hi there, John. So, |
... |
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