| One example to refute the needs for China's wild spendings on mega projects is the situation in USA. If you have visited the US, you will find that despite USA being a much bigger economy, it has refrained from making outlandish investments into ego-boasting mega structures. It only builds something as it sees the needs and approved by the state congress. The improved are mostly need based. I don't have problem seeing China investing in road and highway infrastructure because that's needed for oiling the economy. However, spending so much money to build so many tall office buildings in Beijing's CBD or Shanghai's PuDong district seems to be a waste, let alone numerous apartment buildings that can only be afforded by investors with expensive purchasing prices. For example, even though Shanghai has less population than New York City, it now has double the amount of tall structures as that in NYC. The real estate should not be where a still poor country invest its money. Rather, it needs to spend the money to raise this country's industrial capacity to top of the world's food chain. Unfortunately, China today remains as a big manufacturer of low-tech commodities for the world, and countless university graduates can't find a job when they graduate. There has been no incentive for young forks to engage in basic research and developments. Afterall, making money in flipping condos in Shanghai has been a better way to get rich... I don't think this is a correct path for China. |