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
 
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(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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