China can no longer rely on real estate for growth. It's now turning to railways and more debt

• In the past, the Chinese government looked to real estate to stimulate growth.
• But now, Beijing is trying to stop the risks of high housing prices from spilling over into the rest of the economy.
• That leaves authorities with the option of infrastructure spending, which will add even more debt to an already leveraged system.

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Evelyn Cheng | @chengevelyn

Published 3:11 AM ET Fri, 25 Jan 2019  Updated 4 Hours Ago