Paying for China's investment-driven growth

China's approach to fixed-asset investment has been to build first and ask questions later. But there's now no avoiding the big question: where will the money come from?

Jiaozhou Bay's bridge to nowhere. Can China afford more such follies

Fixed-asset investment has been a key driver of China’s economic growth and will remain so in 2013, but the government will find it increasingly hard to sustain its ambitious building projects.

Investment in fixed assets will grow by 19% in 2013, according to CLSA, a Hong Kong-based brokerage. Although that is a slowdown from...

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