China: Economic bubbles and ghost towns
Time Magazine has reported on a rather striking example of China's overheated economy, and the worrying bubbles that accompany its continuing overproduction: Ordos, a public-works project in the coal-mining Kangbashi district of Inner Mongolia, which remains completely empty.
Ordos is filled with "office towers, administrative centers, government buildings, museums, theaters and sports fields" plus "acre on acre of subdivisions overflowing with middle-class duplexes and bungalows."
One million people were projected to be living in Kangbashi by 2010, yet the city is still empty.
The only positive for China in the construction of this empty city is that it has provided a temporary outlet for the country's continuing overproduction of cement and steel.
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