The Chinese government has faced several tests of its economic mettle in recent years. Each time investors could be sure of a muscular response, from the unleashing of credit booms to heavy intervention in financial markets.
But Beijing’s lack of support for Evergrande, the country’s largest real estate developer, is upending such expectations. The heavily-indebted company last week failed to make a scheduled $83.5 million interest payment on one of its $20 billion worth of dollar-d
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Fish farming in Xinjiang is being sold as proof that technology can overcome geography. The reality is more complicated: a desert seafood boom built on political control, imported feed and a food system that masks its real burdens.
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