Amid a growing debt crisis, government employees in at least five Chinese provinces have reported sudden, substantial pay cuts, affecting their livelihoods. In December, government employees from five provinces—Jiangsu, Zhejiang, Guangdong, Fujian, and Shanghai—have disclosed their salary reduction notices on Weibo, China’s version of Twitter. The reported pay cuts were around 20 to 30 percent….
China’s Debt Problems Continue to Fester
News Analysis Beijing’s containment strategy is failing. Instead of abating, China’s financial strains are intensifying. Last month, when concerns first arose with the insolvency of the real estate giant Evergrande, Beijing held back from getting too involved. The nation’s leadership no doubt hoped that the financial waves would calm without much effort on their part….
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