China’s central province of Henan is showing all the country’s economic cracks at once. It is home to nearly 100 million people, hosting a vast Foxconn factory that assembles most of the world’s iPhones. It also churns out embarrassing headlines.
Medical workers in protective suits collect swabs from residents during a citywide nucleic acid testing following cases of the coronavirus disease in Zhengzhou, Henan province, China, January 5, 2022. cnsphoto via REUTERSHONG KONG, July 6 - China’s central province of Henan is showing all the country’s economic cracks at once.
On the ground, things look less rosy. It suffered devastating floods last year, and now a heat wave. In April, depositors in four rural Henan banks discovered they could no longer withdraw funds. When they visited to complain, local authorities tampered with their Covid-19 tracking apps to make their health codes turn “red”, indicating they had been exposed. They were quarantined, then kicked out of town.was parachuted in, but nobody appears to have gotten their money back.
Henan also illustrates the difficulty Beijing is having stabilising real estate demand. Central China Group, the province’s biggest developer, in June offered to accept bushels of wheat or garlic for down-payments. Henan, like many parts of the country, is full of pre-sold projects that indebted developers can’t complete.
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