Caixin OnlineFinance & EconomicsTop Stories Finance County in Shaanxi in a Deep Hole as Mining Bubble Pops
08.01.2013 19:19

County in Shaanxi in a Deep Hole as Mining Bubble Pops

Shenmu rolled in cash when prices for its coal soared in recent years. Now private bankers are fleeing and the local government is in a bind
By staff reporter Li Yan

(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.

We hope you have enjoyed your free articles for the month
REGISTER to get 5 more free articles, or SUBSCRIBE to get full access to Caixin
Already a subscriber? Log in now
Sign up to receive our free daily newsletter


Latest Issue
On the Cover:

Hong Kong Prop

Issue 98
February , 2016



Economics & Finance
Latest Issue:
Hong Kong Prop
China's central bank is supporting the yuan and fending off short-sellers in the world's largest offshore yuan market
Issue 98

Subscribe       |       Newsletter        |        FAQ