Another note to China's urbanizing project (posts June 24 - June 27): The South China Morning Post (see the photo caption as the reason for this post's title) reports that there is still a lot of uncertainty about how it's going to work out.
The government aims to relocate 250-300 million rural citizens to new cities (which they are building so fast that many stand empty). "To accommodate them, China would have to build a new city the size of Shanghai every year for the next 20 years."
Got to wonder where they are getting their money. As a comparison, the U.S. can't even pay for our current spending (we won't be building empty cities any time soon). In fact, we are at a historic debt level - and China loaned us much of that money.
Again, the rationale for urbanization is that city people spend more money than country people so the economy will grow. Ummm, are there going to be jobs for them so they can buy lots of goods and services? Will they be passive about their uprooting? The world is watching.
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