Great Wall of Debt.
I-95 bridge collapses.
1. After years of heavy borrowing, many in China are focused on paying down their debts this year—and the result could be weaker growth for a long time to come. The world’s No. 2 economy binged for years on credit to finance everything from canyon-spanning bridges to new apartments. Now China finds itself facing a protracted period of what economists call deleveraging—the painful process in which borrowers divert income to pay down debts instead of spending and investing. Total credit to the non-financial sector was $49.9 trillion last September, more than triple the level 10 years ago, according to the Bank for International Settlements, a consortium of global central banks. The figure has begun to drop in dollar terms from $51.4 trillion at the end of 2021, though in local currency, the debt continued to climb. (Source: wsj.com)