🇨🇳 CHINA'S WEALTHY PROVINCES ARE BROKE — AND EVERYONE'S FEELING IT
Suzhou and Zhejiang, once economic powerhouses, are now playing the world's saddest game of "Where's My Money?"
Suzhou's exports are tanking, foreign companies are thinking about bailing, and local governments are so broke they're slashing salaries, delaying projects, and even cutting back on office supplies.
Construction supplier Alex Zhang is chasing 10 million yuan ($1.4 million) he's owed by government-backed contractors.
Zhang:
"It takes years to get paid. I just want to quit."
Beijing's $10 trillion yuan debt swap plan is supposed to fix this, but critics are rolling their eyes, pointing out that corruption and red tape could eat up the funds long before they help struggling workers and businesses.
Suzhou's slowdown is hitting families hard as foreign companies rethink staying there, and land sales—the government's piggy bank—are drying up.
Rich China isn't so rich anymore, and it's showing.
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