Ultramodern factories churn out electric cars and solar panels in Hefei, an industrial center in the heart of central China. Yet at Hefei’s market for construction materials, which fills 10 city blocks, local merchants are gloomy. Nowhere better showcases the opportunities and vulnerabilities of China’s economy than Hefei. Government-directed growth in industries like electric vehicles and solar panels has turned China into the world’s export superpower, making Hefei a model for other Chinese cities. But a nationwide decline in real estate has devastated the finances of millions of families and small businesses — including in Hefei.

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Persons: Wu Junlin, “, ” Locations: Hefei, China, Government