China’s Economic Imbalances Laid Bare by New Figures Showing the Rich Get Richer, as Poor Provinces Lag

Exporting powerhouse of Guangdong absorbed more funds than any other province in China last year, cementing its status as most dynamic economy

by Frank Tang
South China Morning Post

Cash from China’s financial system flowed mainly to the affluent Pearl River and Yangtze River Deltas in 2019, while funding for hard hit rust-belt provinces dried up, according to new figures published by its central bank.

The figures offered fresh evidence of an increasing unequal financial landscape in the world’s second biggest economy.

Rich areas continue to absorb more funds and talent to become richer, while poor areas lag behind. This imbalance presents a significant challenge for Beijing, as it attempts to navigate the wider issues that come with slowing economic growth.

Continue Reading at…