As China’s economic stability continues to deteriorate, Evergrande’s delisting from the Hong Kong Stock Exchange signals the end of the ‘China Miracle.’
An aerial view shows the Evergrande Wuhan culture-oriented travel city left unfinished amid a liquidity crisis, in China on Oct. 18, 2021. Getty Images
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Commentary
China’s so-called economic miracle isn’t just showing cracks; one of its main pillars is crashing to the ground. When Evergrande—once China’s largest real estate developer—finally went under and was delisted from the Hong Kong Stock Exchange in August, it was the last nail in the coffin for a corporate failure of unrivaled dimensions in the Chinese economy.
James Gorrie is the author of the 2013 book “The China Crisis” and discusses current events and China on his YouTube Podcast, The Banana Republican.
