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Beijing hits brakes on subway boom over debt concerns

Author: ReutersID: 1510726160460421700Wed, 2017-11-15 08:33

SHANGHAI: China has hit the brakes on subway projects in at least three cities and Beijing is asking others to slow down their plans, local governments and media have reported, indicating concerns over high debt from city-level infrastructure spending.
China has been in the grips of a metro-building binge with more than 50 cities working on over 1 trillion yuan (SR560 billion) worth of projects, after population restrictions were loosened last year to allow more cities to have metro systems.

Main category: WorldTags: economyChinainfrastructure

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