Local governments have become so cash-strapped that they have resorted to paying their bills with unfinished and unbought apartments from the property crisis.
A general view shows Evergrande residential buildings under construction in Guangzhou, in China's southern Guangdong Province, on July 18, 2022. Jade Gao/AFP via Getty Images
More signs have emerged testifying to the severity of China’s financial woes. Local governments seem to have become so cash-strapped that they have resorted to paying their bills with unfinished and unbought apartments left by the nation’s ongoing property crisis.
Milton Ezrati is a contributing editor at The National Interest, an affiliate of the Center for the Study of Human Capital at the University at Buffalo (SUNY), and chief economist for Vested, a New York-based communications firm. Before joining Vested, he served as chief market strategist and economist for Lord, Abbett & Co. He also writes frequently for City Journal and blogs regularly for Forbes. His latest book is “Thirty Tomorrows: The Next Three Decades of Globalization, Demographics, and How We Will Live.”
