I watched this video yesterday and it completely blew me away! The Chinese economy is a paper tiger 🐯. There are so many ghost cities in China 🇨🇳. They build them and yet no one lives in them. They have to give their people jobs which allows them to build these cities and roads ensuring that their GDP remains high. Their economy is all make believe.
From the article linked above:
China has a number of would-be metropolises in the country. These grand cities have sprawling roadways, towering apartments and glimmering government buildings. These same places also lack inhabitants.
The spectacle of China’s “ghost cities” emits an eerie vibe. Eight-line streets with no cars, stadiums with no teams and parks with no people. A recent article in Wired explained the phenomenon, noting the Asian giant has built hundreds of new cities in the past three decades in an effort to urbanize the enormous country.
The hope is that urbanization can fuel economic growth. And its China’s prosperous growth that fueled the big empty cities in the first place. The BBC wrote in 2012 about how many of these places rose from “investment for investment’s sake.” Here’s how they described what happened:
Investment in infrastructure accounts for much of China’s GDP – the country is said to have built the equivalent of Rome every two months in the past decade. And with such a large pool of labour, it is harder to put the brakes on when growth slows and supply outstrips demand.