Chinese cities face subway delays as Beijing targets wasteful spending, high debt levels

China is tapping the brakes on some subway expansions, including in certain affluent cities – a decision that analysts said reflects a shift from the debt-fuelled infrastructure boom of the past to a new era of fiscal discipline and investment efficiency. Rich eastern hubs such as Ningbo and Suzhou are among those facing regulatory roadblocks in securing Beijing’s approval for new lines as policymakers scrutinise loss-making projects. In an online response to public inquiries, the Ningbo...