The “ghost city” thing is an outdated myth. China built up development for long term plans in anticipation of future demand, intending for them to be underpopulated in the short term.
60 minutes ran a story in 2013 using the Zhengzhou New Area as an example of a “ghost city.” Today, it’s population is 1.3 million.
This is one of the limitations of capitalism and that perspective, that relies solely on market signals to determine what to build when. If there’s an undeveloped region, there’s not going to be a lot of people want to live there. But if you build up the infrastructure, it creates demand. China still has a very large rural population and is trending towards urbanization.
Tbh, China has had a huge debt and property crisis the past few years. The US Republicans like to complain about debt (which they primarily cause, but that’s a different discussion) but China’s debt to GDP ratio is 3 times higher than the US.
Source? The only thing I could find similar to that claim was this which lists China’s total public and private debt at 300% GDP. The same figure for the US is 265% GDP. Comparing only central/federal government debt, the IMF lists China’s at 88% GDP and US at 120% GDP.
I traveled outside of Beijing about 2 years ago and I passed through a ghost city. I could see, literally, from horizon to horizon nothing but the same exact style apartment buildings and construction cranes in the distance. In the streets though, nothing. You know if a unit is occupied because there will be an AC unit in the window and I estimated about 5% of the units were occupied. I could count the number of people I saw on one hand.
So it sounds like it was still early in development. As I said, they’re planned to be underpopulated at first because they are built in anticipation of demand rather than in response to it. Other areas that have been reported on as “ghost cities” have since been populated.
The “ghost city” thing is an outdated myth. China built up development for long term plans in anticipation of future demand, intending for them to be underpopulated in the short term.
Bloomberg - China’s Ghost Cities Are Finally Stirring To Life After Years Of Empty Streets
60 minutes ran a story in 2013 using the Zhengzhou New Area as an example of a “ghost city.” Today, it’s population is 1.3 million.
This is one of the limitations of capitalism and that perspective, that relies solely on market signals to determine what to build when. If there’s an undeveloped region, there’s not going to be a lot of people want to live there. But if you build up the infrastructure, it creates demand. China still has a very large rural population and is trending towards urbanization.
Source? The only thing I could find similar to that claim was this which lists China’s total public and private debt at 300% GDP. The same figure for the US is 265% GDP. Comparing only central/federal government debt, the IMF lists China’s at 88% GDP and US at 120% GDP.
I traveled outside of Beijing about 2 years ago and I passed through a ghost city. I could see, literally, from horizon to horizon nothing but the same exact style apartment buildings and construction cranes in the distance. In the streets though, nothing. You know if a unit is occupied because there will be an AC unit in the window and I estimated about 5% of the units were occupied. I could count the number of people I saw on one hand.
So it sounds like it was still early in development. As I said, they’re planned to be underpopulated at first because they are built in anticipation of demand rather than in response to it. Other areas that have been reported on as “ghost cities” have since been populated.