Debt Hits 500%, Another Major China’s City on the Verge of Bankruptcy! Same for 80% of Cities скачать в хорошем качестве

Debt Hits 500%, Another Major China’s City on the Verge of Bankruptcy! Same for 80% of Cities

On February 26th, Gancheng Wang, a current affairs commentator on X, exposed in a tweet that Chen Min'er, the Secretary of the Tianjin Municipal Committee, personally revealed the financial woes of Tianjin, admitting to a staggering debt ratio of 500% and acknowledging the city's bankruptcy situation. Chen Min'er, a member of the CCP's Politburo, assumed his role as Tianjin's Municipal Committee Secretary at the end of 2022 and immediately implemented three major policies: 1) halting the issue of supplemental savings funds to civil servants (a unique benefit in Tianjin compared to the national average, even exceeding the income of employees in general enterprises); 2) significantly reducing civil servants' performance bonuses; and 3) downsizing the civil servant workforce to cut fiscal expenditures. Chen had previously adopted similar measures in Chongqing. Individuals either accepted the situation or it led to mass resignations. Chen targeted civil servant salaries as his first order of business upon taking office. #chinaobserver All rights reserved.