China's Economic Boom Faces Slowdown as Municipalities Struggle to Sustain Growth Fueled by Debt and Competition
• China's economic success partly due to internal competition between municipalities for growth and investment.
• "Build it and they will come" strategy no longer works as good investments are harder to find.
• Local governments taking on risky debt to fund projects; officials now personally accountable.
• Competition shifting from attracting investors to attracting consumers through marketing.
• Focus changing from securing money for projects to keeping residents content.