China's transformation of shanty towns gains pace as economy slows

China has turned half a trillion dollars of central bank money into bricks and mortar, and there's more to come.

That transformation can be best seen in Heze, a "small" city of about nine million in the province of Shandong. There, the local authorities have ripped out more than a quarter of a million older houses since 2015, some of them traditional-style homes with calligraphy emblazoned above wooden doors, to build new ones financed largely by money printed by the People's Bank of China (PBOC).

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A version of this article appeared in the print edition of The Straits Times on October 15, 2018, with the headline 'China's transformation of shanty towns gains pace as economy slows'. Print Edition | Subscribe