Woman to lead financial hub in China
Agencies: Beijing, Nov 21 2012, 13:26 IST
asset investment in the development zone housing Yujiapu, billed as China's Manhattan -- almost three times the amount spent on China's Three Gorges Dam, one of the nation's most expensive projects.
Yujiapu helped Tianjin to record 16.4 percent growth in 2011.
But critics see Tianjin as typical of the kind of debt-financed infrastructure splurges that have succeeded in getting politicians noticed inside China's ruling Communist Party but have left behind mixed economic blessings.
They say the local government employed cheap state capital and high levels of debt to fund the goal of turning the port city into a global financial centre.
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