Penny pinchers have put even the all-powerful Chinese central government on its back heel
China’s local governments, long the engines of infrastructure-driven growth, have turned into reluctant **penny pinchers** amid a crushing debt overload and plummeting revenues from the property slump. This widespread austerity at the provincial and municipal levels is now putting unprecedented pressure on the **all-powerful central government**, forcing Beijing into a delicate balancing act as it … Read more