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by r0h1n
4654 days ago
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To add further, doesn't America have its own share of "ghost cities" that were once booming but are now decrepit? https://en.wikipedia.org/wiki/List_of_ghost_towns_in_the_Uni... I'd be more interested in why two such different countries as the US and China seem to have independently arrived at the same problem of ghost cities. We know that China's problems arise from a top-down, state-directed model of development under a one-party rule. But that was never the case in the US, right? Conversely, there are very few instances of such ghost cities in India (at least that I know of). Possibly because India's urban development has up till now (though today many new cities are currently being proposed as urbanization becomes the need of the hour in India) been much more organic and bottom-up, largely because we couldn't afford otherwise. |
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The situation in China is completely different. Regional governments are naively trying to stimulate their economies with these huge construction projects. So, they're building giant cities without proper planning or consideration for population shifts. These cities have never been occupied and it looks like they never will. Worse, they're being paid for by highly rated bonds issued from the central government. The whole thing looks like a real estate bubble that could tank the Chinese economy.