China’s Economic Downturn Not Solely Attributed To COVID

While many have attributed China's economic downturn to President Xi Jinping's three-year "zero COVID" policy, it's important to note that many of the country's challenges existed prior to the pandemic, The Week magazine reported.

China's overbuilding has left regions burdened with uninhabited "ghost cities," underutilized infrastructure, and substantial debt.

For decades, China experienced significant economic growth by employing rural residents in urban factories.

However, it failed to develop a robust consumer economy that could have compensated for slowing exports and the relocation of factories to less affluent nations.

Additionally, local governments contributed to economic growth by constructing skyscrapers, highways, high-speed rail lines, bridges, and airports.

Nevertheless, this approach resulted in "diminishing returns in building infrastructure," as noted by Harvard economist Kenneth Rogoff. China's overbuilding has left regions burdened with uninhabited "ghost cities," underutilized infrastructure, and substantial debt.

South China Morning Post (SCMP) and the Associated Press (AP) reported that the vacant apartments and homes in China could accommodate the country's 1.4 billion population several times over.

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