Originally at MarketExpress by Meeta Ganguly – reposted with permission
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CHAPTER 1 – CHINESE SHADOW BANKING SYSTEM
INTRODUCTION
The island of Caofeidian is located 200 kms from Beijing and is a land reclaimed from the sea and converted into an economic development zone in Tangshen district, China.
The port of Caofeidian was promoted as the world’s first fully realised eco-city in 2003. Today unfortunately, it has joined the growing list of ghost cities in China highlighted by vast stretches of deserted industrial townships, empty residential, half constructed tourist resorts, incomplete and abandoned infrastructure projects and a very small number of residential inhabitants who moved to the city.
Ironically amongst this gloomy picture of poor economic performance, the...
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