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Plunge In Global Coal Prices Threatens To Trigger Financial Crisis In Northern China’s Coal-Producing Counties


A steep fall in the price of coal, which has led to a drop in miners’ profits, may put China’s coal-producing regions in jeopardy and precipitate a gradually worsening downturn in the Asian economic powerhouse.

After reaping the benefits of the commodities boom of the last decade, Shenmu, the largest county in China’s coal-producing heartland, Shaanxi, could be headed for a financial crisis, stemming from a credit crunch, which has caused undue delays in construction projects and impediments in a local government-funded health insurance scheme, while bankers desert the region, Beijing-based Caixin Online reported.

The city of Ordos, in Inner Mongolia’s autonomous territory, which used to be one of the richest cities in China, has also been hurt by the nationwide slowdown, made worse by the slump in coal prices.

Read more: http://www.ibtimes.com/plunge-global-coal-prices-threatens-trigger-financial-crisis-northern-chinas-coal-producing-counties

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