“If it comes off, Tianjin’s Manhattan project will become the latest illustration of China’s build-it-and-they-will-come approach to development. Pudong -the futuristic financial center that sprang up on Shanghai’s east bank in the 1990s – also had its doubters. Occupancy rates in its central Lujiazui area are 97 per cent and rents among the world’s priciest. Tianjin’s government this month sold 13.2 billion yuan ($2.74 billion) in bonds at zero premium to central government debt, joining other provinces in taking advantage of a debt swap program designed by Beijing to keep infrastructure projects afloat. The funding fix sustains a cycle China can’t afford to break.”
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