A city in China's rust-belt northeast canceled a government recruitment plan as it struggles to fill a hole in its coffers amid mounting debts and falling revenues from its once-dominant coal mining industry and slumping property sales, revealing yet another tip of the iceberg of debt plaguing regions across the country.
Caixin
Once a China coal boomtown, Hegang now can't afford to hire
Many local governments in debt due to aging population, pandemic, economic change
Smoke billows from a cooling tower of a thermal power plant near residential buildings in the northeastern Chinese coal city of Hegang in 2020. © Reuters
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