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【NYTimes】TianJin Borrowed Heavily. The People Have Yet to Arrive

新英文外刊  · 公众号  ·  · 2019-04-15 06:00
A largely empty urban district struggling with billions of dollars in debt demonstrates the breakdown of the Chinese economic growth model.Yujiapu Financial District in Tianjin, China, where four-fifths of the office space is empty and the government borrowed heavily to build.TIANJIN, China — At a port in Germany, 150 Steinway pianos are waiting to be shipped to this gateway city for the grand opening of the Juilliard School’s second campus.The air in Tianjin is so dry that the pianos will require climate-controlled rooms, helping to nearly double the cost of the state-of-the-art campus to $225 million.The extra money is not coming from Juilliard. The local government is footing the bill. And that could become a problem for officials struggling with debt after an epic spending spree to develop a new commercial center from scratch.Welcome to Yujiapu Financial District, which pr ………………………………

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