China to build 20 new cities a year over the next 20 years

[totalmotorcycle]

China to build 20 new cities a year over the next 20 years

China's looming debt disaster

With the United States and Europe buried in debt, much of the world is hoping that China will provide the engine to bail the world out. However, thanks to China's "hidden debts," China may be far worse off than either America or Europe. When the global downturn hit in 2008, China decided to spend its way out of the crisis, and pumped $1.1 trillion into its $4.3 trillion economy. One result is the building of 65 million apartments -- enough housing for 200 million people -- all empty. Despite the obvious oversupply, the government—in conjunction with private developers—is constructing 40 to 50 million more units. And the Chinese government recently announced it will be building 20 new cities a year over the next two decades, to match the numerous ghost cities already built.

[totalmotorcycle]

I read the above news this morning. Amazing to think China has built (and will continue to build) completely empty CITIES! Full cities just to keep the economy artifically inflated.

That's crazy.

Here are a few photos of China ghost cities... no one lives there! They even have stadiums, schools, shopping malls, etc..









Mike

[mogster]

Very odd I agree, but the economies of the west can hardly claim to have everything under control, so maybe China will work?

Let's hope so as a collapsed China would impact on all of us.

[sunshine229]

It's shocking to hear this news, it is so unfathomable to comprehend what it's like to have completely empty cities. It's so weird!

I agree with Mogster, if it keeps China churning then it's not a bad thing, I guess! But then if their economy is only supported by fake things like this, is it really supported at all? When does the bottom fall out???

[mogster]

"Our" economies are only supported by licensed gambling of "commodities" at least the Chinese have good old bricks & mortar.

[QuietMonkey]

This *is* bizarre, but yeah, at least housing is a priority for living.

As mentioned my Mogster, the twisted nature of capitalistic economies being supported by billions of dollars of junk is more ludicrious and embraced so readily by our selfish culture. So perhaps these two extremes represent the polar opposites and eventual blending of value systems.

Basic needs can be met easily and the benefits of a trusting community can be enjoyed by more each day as people (slowwwwwwly) become more thoughtful and less selfish.

[ceemes]

Well, I suspect that as China continues to switch from an agricultural based economy to an industrial based one which should as it has done in the west, increase the size and spending power of the middle class, those empty cities will soon be needed. At least China is planning for the future unlike us here in the west, seems we have adopted one of two opts, option one: live in the past or option two: ignore the reality of our situation and continue on that long twisting spiral to the bottom...aka, getting flush down the crapper.

[BuzZz]

I don't claim to know much about the global economy, but I am positive I'd love to get my bike into one of those empty cities and just rip it up on those empty streets.

[HYPERR]

Are they made of the same toxic wallboards they shamelessly exported to the rest of the planet?

[BuzZz]

From what I heard about China, they are built out of the rejected export toxic wallboards. The only thing they care about less than other countrie's people is their own people.