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A Debt That Could Stunt China's Economy
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The Economic Situation of Heilung-Jang
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The population of Heilung-Jang fell by about 16% between 2010 and 2020. The whole province lost about 6.5 million people in that 10-year period. People are dying or moving to warmer climates further south where there are better jobs. You're seeing an erosion of the tax base because there are less people to pay taxes. There are fewer businesses as coal mines close down. So you're looking at a city that has a falling population, a stagnating economy but the debt levels have been rising rapidly.
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