In recent years, rampant borrowing has driven a significant chunk of China's economic growth. The bill is now becoming clearer — and it's big. Late last year, China revealed that local governments owe nearly $3 trillion – more than the gross domestic product of France, the world's fifth-largest economy.
One city with a sizable debt problem is Wuhan, an industrial hub that lies along the Yangtze River in central China's Hubei province. With a population of 10 million, Wuhan has a growth rate of 11 percent and is known for its car factories and many universities.
According to China's state media, it also owes more than $33 billion, nearly twice Wuhan's GDP. Banks became so concerned that they cut off funding for a 17-mile highway. A local current affairs TV show covered the debacle.
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