China’s rise was built on roads, bridges, high-speed rail, new cities, and endless construction. But behind that growth was a quieter financial machine: local governments borrowing through hidden channels to keep development moving. This episode explores China’s local government debt crisis, the role of LGFVs, the collapse of land-finance revenue, and why this problem could reshape China’s economy for years to come. It is not just a story about debt. It is a story about the limits of a growth model built on land, credit, and concrete.