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BOOK REVIEW: China's Great Wall of Debt
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China's Great Wall of Debt
Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle
By Dinny McMahon, 2018

BT 201902 book 02中国巨债长城
影子银行、无人城市、巨额贷款和中国奇迹的终结

这是对现代中国经济的深入研究。 麦克马洪是一名记者而非经济学家,他深入研究了为什么预计2000年衰落的失败系统仍然存在。他通过一个非常引人入胜的故事讲述了这一点,他强调了中国所有看不见的真理。

今天,如果你想看到最重要的东西,你可以去中国。更大并不意味着更好。 在中国等受腐败影响的国家经济体中,项目越大,资源的错误使用就越多。 因此,如果您正在寻找滥用和腐败的故事,麦克马洪的中国债务长城就是适合您的书。

作者解释了为什么偏远的工业城市为一个没有人想建造的工厂创造土地,采访铁岭一个美丽但空旷的新城镇的建筑师,报道郑州如何以数十亿美元的补贴和税收优惠为代价填补其鬼城,麦克马洪解释了中国的泡沫经济,讲述了中国背后的奇异但真实的现实。

Call this an in-depth look into the modern Chinese economy. McMahon, a journalist and not an economist, takes a deep look into why a failing system, predicted to fall in 2000, is still standing. He does this through a very captivating and engaging means of story after story, in which he highlights all of the unseen truths of China.
 

Today, if you want to see the biggest of anything, you can go to China. Even regional China. How-ever, bigger does not mean better. In a state-dominated economy subjected to corruption, such as China, it’s often the case that the bigger the project, the greater the wrong use of resources. So if you are looking for stories of misuse, abuse, and corruption, Dinny McMahon’s China’s Great Wall of Debt is the book for you.
 

The subtitle, Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle, says it all. McMahon, a former Wall Street Journal and Dow Jones journalist based in China for over a decade, explored all of China collecting anecdotes for this magnificently entertaining take on China’s ever-expanding financial bubble. Eschewing examples from China’s well-travelled and well-reported international cities, McMahon focuses instead on the less glamorous locales of what might, with some allowance for cliché, be called “the real China”.
 

Whether it’s explaining why the remote industrial city of Shiyan leveled a mountain to create land for factories that no one wanted to build, documenting the petty depredations of the local salt monopoly in Jinzhou, interviewing the architect of a beautiful, but empty new town in Tieling, or reporting how Zhengzhou actually managed to fill its ghost city at the cost of billions of dollars in subsidies and tax incentives, McMahon brings China’s bubble economy to life with stories of the strange, but revealing reality behind the scenes of “the real China”.

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