China is also a large market for factory equipment made in countries like Germany and Japan. Already this month, China has issued a series of announcements approving six municipal subway construction projects and three new intercity rail lines, at a combined cost of $148 billion . Many of the biggest new construction projects are in China’s western regions, said Wang Min, the chairman of Xuzhou Construction Machinery Group, a state-owned giant. The projects have been good for his company, China’s largest producer of huge earth-moving equipment, and its orders have soared in recent months. Previously accumulated debt lies at the heart of a one-two punch that has laid China’s overall economy low in recent months.

Source: New York Times January 20, 2019 17:22 UTC