Not the start of the decline of globalisation – just of China's dominance
Determined to have his FDR moment, Joe Biden’s latest policy seems likely to have put ...
Chinese business magazine Caixin on the multitude of problems that are currently besetting state-owned China Railways, operator of the world’s largest rail system, which is facing an identity crisis mainly prompted by a growing debt mountain created by its huge infrastructure investment programme but exacerbated by falling freight traffic. Cargo revenues declined 10% in 2015, and by a further 12% in the first nine months of 2016, and with demand for coal across the country continuing to decline, there is little prospect of its fortunes being reversed, the growth of China-Europe container rail services notwithstanding. “CRC has emerged from its former status as a government entity to become a slow-moving behemoth saddled by trillions of yuan in debt, with little prospects of repaying that money anytime soon.”
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