china is just another ponzi scheme waiting to implode..........from asia times online.......
"Businessmen have been forced to turn to private lenders for help in the wake of tighter central government loan policies introduced late last year to fight inflation. The higher interest rates that are demanded by the underground lenders can become particularly onerous when the businesses do not run as well as expected.
Most of the company heads who have absconded were involved in manufacturing and had borrowed hundreds of millions of yuan from banks and private creditors. Wenzhou has about 360,000 small and medium-sized enterprises, producing a wide range of consumer goods - from shoes, cigarette lighters to spectacles - whose low cost has helped to make China the world's workshop"............READ MORE
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