So it depends on who’s holding the bag. A lot of what counts as government spending is actually the central government telling provinces and cities to spend. E

So it depends on who’s holding the bag. A lot of what counts as government spending is actually the central government telling provinces and cities to spend. Except those also have heavy debt burdens after years of stimulus. Very little central government money is trickling down. And the problem is not just that the developers are out of money, but their contractors have not been paid for months, those contractors have not paid their suppliers or workers for months, and down the line.