Forgotten Fortunes Editorial · Article Discussion
Read the original research: Fenshuizhi, LGFVs, and the ¥6 Trillion Debt Behind China’s Infrastructure Miracle
Story overview: LGFV debt expanded after China’s 1994 tax reform. Land sales and rail investment changed how local governments paid for growth.
Discussion question: Which obligations or incentives mattered most to the outcome?
Have a different interpretation? Share the evidence and explain why.
Editorial discussion starter, not an independent member endorsement.