More than a month ago I embedded a video of China's railway systems and said the Chinese never fail to awe. Tonight in read in the WSJ the price that had paid to make it awesome. Before I get to the numbers, the chief of the railways has been fired. I thought the minister (are they the same) had also been given the boot.
The railway system chalked up US$303 billions in debt! It is so bad, the Chinese government is going to have problems servicing the interest on those loans and much of it is short term. Of course a big chunk of must have been used to satisfied corrupt desires. Still the number is mind boggling and I am still doubtful. Whatever it is, it is huge!