When Ma Heshui started his vineyard in Changde four years ago it was surrounded by farmland – but an urban centre has since sprung up around them. Photo: Frank Tang

Low-hanging fruit and a mountain of debt – how China’s credit binge is playing out

Like many other Chinese cities, Changde has been on an infrastructure spending spree that went well beyond what the government could afford

Topic |   China economy

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When Ma Heshui started his vineyard in Changde four years ago it was surrounded by farmland – but an urban centre has since sprung up around them. Photo: Frank Tang
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