DJS: FTS,
I referenced the Leslie Stahl 60 minutes piece on the uninhabited cites months ago in another Chinese miracle OP. This is real, vetted and reported by 60 minutes. You can view the video online if you wish. A transcript of Ms. Stahl's conversation with a Hong Kong based financial analyst is below
Thnx - for the reference point, now I can go to work and talk specifically rather than generally.
I will pick out five or six specific examples from that show, and we can examine them. Particularly focussing on the follwoing statements from 60 minutes.
Lesley Stahl: But they're not just building housing. They're building cities.
Gillem Tulloch: Yes. That's right.
Lesley Stahl: Giant cities being built with people not coming to live here.
Gillem Tulloch: Yes. I think they're building somewhere between 12 and 24 new cities every single year.
Unlike our market driven economy, in China it's the government that has spent some $2 trillion to get these cities built - as a way of keeping the economy growing. The assumption is "if you build it, they'll come." But no one's coming.
Lesley Stahl: Wow. This is really completely, totally empty and it goes up -
Gillem took us to this shopping mall that's been standing vacant for three years.
Lesley Stahl: Can I find this all over China?
Gillem Tulloch: Yes, you can. They've simply built too much infrastructure too quickly.