S8 Ep270: GHOST CITIES AND THE STIMULUS TRAP Colleague Anne Stevenson-Yang, Wild Ride. China's growth model shifted toward massive infrastructure spending, resulting in "ghost cities" and replica West
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GHOST CITIES AND THE STIMULUS TRAP Colleague Anne Stevenson-Yang, Wild Ride. China's growth model shifted toward massive infrastructure spending, resulting in "ghost cities" and replica Western towns built to inflate GDP rather than house people. This "Potemkin culture" peaked during the 2008 Olympics, where facades were painted to impress foreigners. To counter the global financial crisis, Beijing flooded the economy with loans, fueling a real estate bubble that consumed more cement in three years than the US did in a century, creating unsustainable debt. NUMBER 7 1946 THE LADY FROM SHANGHAI
