CONTACT: Chuck Monroe
“China is poised to overtake the United States, and the rest of the developed world, economically by the year 2030. Or is it?... Of considerable interest, especially to investors in the Chinese market.”
CHINA’S GREAT WALL OF DEBT: Shadow Banks, Ghost Cities, Massive Loans, and the End of the Chinese Miracle (Houghton Mifflin Harcourt, March 13, 2018) reveals a haunting reality uncovered by Dinny McMahon. After reporting on China for more than a decade and hearing constantly from a wide range of its citizens, McMahon has come to a startling conclusion: the narrative of China as an ascendant superpower is fraught with misconceptions. Discovering brand-new factories that have been shut down, finding empty and relatively new abandoned cities, and looking under the cover of a shadow banking system, McMahon methodically pieces together the alarming truth that China’s perceived economic growth is a myth built on a staggering mountain of debt. And when that debt bubble bursts, the whole world will suffer.
McMahon follows the stories of a diverse set of characters to show:
how the Communist Party is able to keep fueling China's economic growth by appropriating long- held land from poor citizens in order to build more useless factories
how Chinese entrepreneurs are looking to relocate their businesses overseas, including one who is trying to set up his textile company in South Carolina;
and how the mayors of ghost cities that sit abandoned across the Chinese landscape are attempting to lure citizens to move there.
Debt, corruption, a speculative frenzy, and an aging population are pushing China toward a major financial recession. The entire global economy is at risk.
DINNY MCMAHON spent more than a decade in China as a journalist covering the Chinese economy and financial systems for the Wall Street Journal and for the Dow Jones News Service. A native Australian, he is fluent in Mandarin. McMahon wrote China’s Great Wall of Debt while a fellow at the Woodrow Wilson International Center for Scholars in Washington DC.
CHINA’S GREAT WALL OF DEBT by Dinny McMahon
*Publication Date: March 13. 2018 * $28.00 hardcover * ISBN 978-1-328-84601-3
To arrange an interview, please contact Chuck Monroe @ 617-921-3283 or email@example.com.