China has overtaken the US as the world’s largest manufacturer of goods. Yet, it has a problem: the people there don’t consume enough.
China has a ton of ghost cities that were constructed by its economic planners, which seem to get things wrong from time to time (ha). The government, also, has the price of housing set too high. Since they’re a command economy they could easily change it, responding to demand, but they don’t want to risk ruining their investment. These cities were supposed to boom, never did, and now are mostly uninhabited.
They’re pretty scary. Massive modern apartment buildings just sitting empty. All of this caused by a huge property bubble which is going to burst inevitably. Some people are saying it’s going to be far worse than what happened in America and Europe.
More photos here.