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1/5
The fact that China's share of global steel production was an astonishing 57.5% by November of this year shows the extent to which China's growth (generally, but especially in 2020) depends on public-sector investment in infrastructure. https://www.ft.com/content/338cdb20-42b7-43a9-9d9a-7d009583d380
The fact that China's share of global steel production was an astonishing 57.5% by November of this year shows the extent to which China's growth (generally, but especially in 2020) depends on public-sector investment in infrastructure. https://www.ft.com/content/338cdb20-42b7-43a9-9d9a-7d009583d380
2/5
In fact this and real-estate development accounted for more than 100% of China's reported GDP this year.
The fact that Chinese growth still relies so much on this kind of infrastructure investment – after 30-40 years in which it had already grown at the fastest rate of
In fact this and real-estate development accounted for more than 100% of China's reported GDP this year.
The fact that Chinese growth still relies so much on this kind of infrastructure investment – after 30-40 years in which it had already grown at the fastest rate of
3/5
any country in history – should make clear just how weak other, healthier, sources of growth continue to be. It also raises two obvious questions about the cost of such growth: first, how high is the cost and how much of it is hidden in the country's balance...
any country in history – should make clear just how weak other, healthier, sources of growth continue to be. It also raises two obvious questions about the cost of such growth: first, how high is the cost and how much of it is hidden in the country's balance...
4/5
sheet (in the form of overvalued assets), and, second, how much longer can Beijing continue to rely on this kind of growth.
The answer to the second question is that China can continue doing this as long as as debt can rise quickly enough to keep non-productive...
sheet (in the form of overvalued assets), and, second, how much longer can Beijing continue to rely on this kind of growth.
The answer to the second question is that China can continue doing this as long as as debt can rise quickly enough to keep non-productive...
5/5
investment levels high, but of course the longer it keeps it up, the more worrying the first question becomes.
investment levels high, but of course the longer it keeps it up, the more worrying the first question becomes.
