County in Shaanxi in a Deep Hole as Mining Bubble Pops
(Shenmu) – A financial crisis triggered by falling coal prices is brewing in Shenmu County, in the northwestern province of Shaanxi.
Construction projects have been halted, universal health care has run into payment problems and many private bankers have disappeared in the last few months, all indications that another story of legendary development is now just a bubble bursting.
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