China's Hidden Depression

Bloomberg: Ground Zero of China’s Slowdown Leaves Locals Looking for Exit

Tea-shop manager Zhang Yue is so desperate about her home city of Tieling’s future that she’s borrowed about five times her annual income to buy a work visa to leave for Japan -- an economy that’s flat-lined for a generation.
"Two years ago, everything was fine and I bought whatever I wanted," said Zhang, 29, whose husband’s wages have since halved and her own have stalled. "Then, suddenly, the slump started. The economy went straight down. It’s in free fall."

The home to about 3 million people in the northeast rust-belt province of Liaoning is ground zero in China’s slowdown -- the worst-performing city in the worst-performing province. Ads offering work visas abroad are peppered across hoardings, and billboards offer loans for people in "urgent need." Shuttered car-parts factories flank the highway to the high-speed train station. In the center, a closed wedding-photograph studio has a notice in the window that reads: "Owner is going overseas. Shop for sale."

Related: China Northeast in Recession, Unadjusted Nominal GDP Declines; Global Economy on Knife's Edge

From 2014: Liaoning Sounds Warning on Chinese Economy