An estimated 64 million empty apartments and condos...


I guess a communist controlled market economy doesn't work that well after all; who would have thunk it? I'm sure not being able to raise red flags (how ironic) about this as a Chinese citizen is kinda like fuel to the fire. I wonder what the shock wave will be like when China implodes.

http://www.asianews.it/news-en/Crisis-in-China:-64-million-empty-apartments-19459.html

I think, it is ok, they are transiting from a lot of poor to not so poor and hence are preparing new homes in an orderly manner, hope my country learns, Wait... no we dont learm do we.
I think it is being hopeful, I dont think china is going any where but up at the moment.

cavarka9 wrote:I think, it is ok, they are transiting from a lot of poor to not so poor and hence are preparing new homes in an orderly manner, hope my country learns, Wait... no we dont learm do we.
I think it is being hopeful, I dont think china is going any where but up at the moment.

Think about it this way. Where is the money coming from to generate this growth? And more importantly, is it generating revenue? The video clearly answers the second question. A resounding no.

This is the definition of a bubble.

Well if china falls, then US falls even more, because China has got over 2 trillion dollars as their reserves, and if US falls, many major companies will fall too, many investors will go back in a shell, ordinary people will start saving more and that shall lead to a greater crisis. That shall eventually lead to further my time being unemployed.Bad time to quit a job I guess.

cavarka9 wrote:Bad time to quit a job I guess.

Ouch! Why? I just recently found work. I'm willing to wear knee pads if necessary.

Agreed, if China implodes the hurt will be felt around the world no doubt.

CdesignProponentsist wrote:An estimated 64 million empty apartments and condos...


I guess a communist controlled market economy doesn't work that well after all; who would have thunk it? I'm sure not being able to raise red flags (how ironic) about this as a Chinese citizen is kinda like fuel to the fire. I wonder what the shock wave will be like when China implodes.

http://www.asianews.it/news-en/Crisis-in-China:-64-million-empty-apartments-19459.html

America also had a housing bubble a few years ago.

Daan wrote:

CdesignProponentsist wrote:An estimated 64 million empty apartments and condos...


I guess a communist controlled market economy doesn't work that well after all; who would have thunk it? I'm sure not being able to raise red flags (how ironic) about this as a Chinese citizen is kinda like fuel to the fire. I wonder what the shock wave will be like when China implodes.

http://www.asianews.it/news-en/Crisis-in-China:-64-million-empty-apartments-19459.html

America also had a housing bubble a few years ago.

Unfortunately this is a city bubble.

China has the largest population in world history. I once talked with a Chinese girl on the internet who said she came from a small city, meaning 7 million inhabitants is small. So, it depends on how many inhabitants these ghost cities have. If it is meant for only 1 million inhabitants, it would be better to call it a ghost village.

CdesignProponentsist wrote:I guess a communist controlled market economy doesn't work that well after all; who would have thunk it?

Well they are not really communist except in name. Centralised and authoritarian but not in any way Marxist apart from some empty political rhetoric.

Many countries have rapidly industrialised under autocratic regimes, e.g Germany under the Kaiser or Japan in the early twentieth century. Sucessful asian countries like Taiwan and South Korea only became democracies fairly recently. It's not unusual for economic success to precede democracy. India has sometimes been contrasted unfavourably with China for having chosen to go about it in the "wrong order" - democracy first and then industrialisation. The kind of freedoms that are the lifeblood of a mature consumer economy just get in the way when you are playing catch-up and innovation is less important than the ability to quickly deploy resources on a massive scale.

I wonder what the shock wave will be like when China implodes.

It would be odd if growth were entirely smooth and there may be crashes along the way. But "implode"? It's not like speculation is the motor of their economic growth. What drives it is manufacturing products that the world wants to buy. What's wrong with that plan?

Chrisw wrote:

CdesignProponentsist wrote:I guess a communist controlled market economy doesn't work that well after all; who would have thunk it?

Well they are not really communist except in name. Centralised and authoritarian but not in any way Marxist apart from some empty political rhetoric.

Many countries have rapidly industrialised under autocratic regimes, e.g Germany under the Kaiser or Japan in the early twentieth century. Sucessful asian countries like Taiwan and South Korea only became democracies fairly recently. It's not unusual for economic success to precede democracy. India has sometimes been contrasted unfavourably with China for having chosen to go about it in the "wrong order" - democracy first and then industrialisation. The kind of freedoms that are the lifeblood of a mature consumer economy just get in the way when you are playing catch-up and innovation is less important than the ability to quickly deploy resources on a massive scale.

I wonder what the shock wave will be like when China implodes.

It would be odd if growth were entirely smooth and there may be crashes along the way. But "implode"? It's not like speculation is the motor of their economic growth. What drives it is manufacturing products that the world wants to buy. What's wrong with that plan?

India would have done better if it was a real democracy, it still isnt a good democracy. And that hurts. Also, it was only in the 1990's after the fall of soviet union, after being in a position of having about 2 weeks worth of reserve that India opened its market. It was a socialist bogey country without economic freedoms or political freedoms for most of the time.
I am sure that a democracy would have done better than India, because ideologies wouldnt have mattered. India would have opened the markets quicker. Whats worse was that the Marxists called India's rate of growth as 'Hindu rate of growth' -Bastards who couldnt accept their failure.
Even now it isnt, if it was, there would be a more equitable rate of growth. It is the first past the poll which is the problem that minority govts keep coming in power by stiching up the right number of castes and demography to win the elsection. It is called as "vote bank" politics.