China's slump will hurt Australian incomes, and the pain is likely to linger

By John Garnaut, Philip Wen
Updated December 6 2014 - 1:08am, first published 12:15am
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Built on coal: Liangshuijing Coal Mine, Shenmu County. Photo: Sanghee Liu
Built on coal: Liangshuijing Coal Mine, Shenmu County. Photo: Sanghee Liu
Shenmu is a ghost town Photo: Sanghee Liu
Shenmu is a ghost town Photo: Sanghee Liu
Ripple effect: A coal-generated power station in Shenmu County, China. Photo: Sanghee Liu
Ripple effect: A coal-generated power station in Shenmu County, China. Photo: Sanghee Liu
Empty apartments in a ghost town in Shenmu. Photo: Sanghee Liu
Empty apartments in a ghost town in Shenmu. Photo: Sanghee Liu
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By the time Wang Xia had borrowed enough money to usefully invest in China's construction-driven resources boom, in 2012, real estate and resource prices had been surging for eight years.

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