EconomyBuilding the First Bridge May Be Wise—But the Tenth? Financial Expansion Created China’s Current Problems

China’s Ministry of Finance announced a 360 billion yuan business-support program, described as one of the government’s largest interventions in the banking sector this year. Logan Wright of Rhodium Group says China’s credit-dependent, investment-led economic model has ended and traces its current problems to financial-sector expansion that began in the 2000s.