Today's Coming Crisis Movie

Thursday, November 24, 2011

Ghost Cities: Is China's Boom In Trouble? - 25th Nov 2011

China's "ghost cities" show that the country's economic boom could be more fragile than it appears.

Kangbashi is a showcase city, laid out spaciously on the grasslands of northern China.

It was dreamt up by the local secretary of the Communist Party as a monument to the country's new-found prosperity.

The place is dominated by impressive public buildings - a marble-clad library, a state-of-the-art theatre and a giant convention centre.

In the centre of town a 70m-high statue of two fighting horses looms over Genghis Khan Square.

The only thing missing is the people.

Kangbashi was built to house one million residents, but so far only 20,000 have moved in.

Acres of apartment complexes - many of them luxurious by Chinese standards - are deserted. Store fronts are boarded up. Read More