Comment on In China, loans lure city officials

In China, loans lure city officials

Workers toil by night lights with hoes, carving out the signs for Olympic rings in front of an unfinished 30,000-seat stadium, bulb-shaped gymnasium and swimming complex in a little-known Chinese city. Loudi, home to 4 million people in Chairman Mao Zedong’s home province of Hunan, is paying for the project with $185 million in bonds, guaranteed by land valued at $1.5 million an acre.

 

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