China’s Fiscal Collapse: $100B Hole Cannot Be Filled, Civil Servants Go Unpaid, Mass Layoffs Begin

Shenzhen, known as one of China’s wealthiest cities and a place where per-capita GDP has long surpassed Beijing, Shanghai, and Guangzhou, was once seen as a showcase and benchmark of China’s rapid economic growth. Now, the fact that even government employees there are struggling to get paid is hard to imagine.

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