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Building things—roads, airports, train lines and the like—has long been a staple of China’s economy. Now, headline investment growth levels are stalling. That’s worrying enough. The situation behind the figures is, perhaps, even scarier. China’s year-to-date investment growth in May slowed to 6.1%—the lowest since the mid-1990s. Even that weak figure is misleading, because a […]

With $1.2 trillion needing to be rolled over this year, the threat of a funding crunch is rising.