Part 10/11:
The decline in local government funding has led to calls for accountability, especially in light of the mounting debts threatening economic stability. In February 2024, China’s State Council mandated the sale of government assets to manage local debts, thereby restricting new projects until repayment strategies are established. A temporary debt relief plan was launched to tackle the deepening crisis; yet, skepticism regarding the effectiveness of these measures persists.
China's infrastructure narrative is marred by the increasing visibility of unneeded structures and stalled construction plans—each ghost of progress evoking public scrutiny that demands deeper introspection on the motivations behind such projects and their alignment with true economic viability.