To everyone who thinks there is no such thing as ghost malls...ghost Parks and ghost Manhattan's well this is just another video showing that over the past 5-10 years everything in China being built is being built just to keep their gdp afloat...this is proof that billions in stimulus is creating cities that are unoccupied ....why doesn't anyone see the global collapse shaping up is beyond me. How anyone could think that what is going on can continue like its not a problem ..you can only ignore this so long. Once China slows the world slows so they are doing anything and everything to keep their gdp afloat just to show the world that everything is just fine and dandy when in reality the next crisis is headed our way.....
there is a manhattan in China, but this manhattan, well see for yourself...
- Thread starter S2007S
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Does excess capacity necessarily portend economic collapse? At the least, the Chinese are showing significant growth in their ability to terraform their piece of the planet with remarkable speed (for better or for worse). Just to play the other side, if Chinese GDP growth has been so extraordinary given inefficiencies like this, just imagine how much better it would be if such inefficiencies were wrung out of the system.
China's Li Doesn't Believe His Own Numbers
10 Mar 5, 2014 10:47 PM EST
By Adam Minter
" China’s Premier Li Keqiang isn’t the sort of man to blush in public. But yesterday, when he went in front of China’s national legislature and targeted 7.5% growth in gross domestic product for 2014, he should have. The problem isn't the number -- most economists agree that 7.5% is a manageable if difficult goal. Rather, the issue is that Li Keqiang himself doesn’t believe in the accuracy of Chinese GDP statistics.
That, at least, is what he told then-U.S. ambassador to China Clark Randt over dinner on Mar. 12, 2007. At the time, Li was the Secretary General of Liaoning Province, and widely viewed as a potential successor to Chinese President Hu Jintao. According to a Mar. 15, 2007, declassified U.S. diplomatic cable (released by Wikileaks) recounting the dinner, a “smiling” Li declared that Chinese GDP figures were “man-made” and therefore unreliable -- “for reference only."
..."
http://www.bloombergview.com/articles/2014-03-05/china-s-li-doesn-t-believe-his-own-numbers
http://www.elitetrader.com/et/index.php?threads/what-about-china-2014.282081/
10 Mar 5, 2014 10:47 PM EST
By Adam Minter
" China’s Premier Li Keqiang isn’t the sort of man to blush in public. But yesterday, when he went in front of China’s national legislature and targeted 7.5% growth in gross domestic product for 2014, he should have. The problem isn't the number -- most economists agree that 7.5% is a manageable if difficult goal. Rather, the issue is that Li Keqiang himself doesn’t believe in the accuracy of Chinese GDP statistics.
That, at least, is what he told then-U.S. ambassador to China Clark Randt over dinner on Mar. 12, 2007. At the time, Li was the Secretary General of Liaoning Province, and widely viewed as a potential successor to Chinese President Hu Jintao. According to a Mar. 15, 2007, declassified U.S. diplomatic cable (released by Wikileaks) recounting the dinner, a “smiling” Li declared that Chinese GDP figures were “man-made” and therefore unreliable -- “for reference only."
..."
http://www.bloombergview.com/articles/2014-03-05/china-s-li-doesn-t-believe-his-own-numbers
http://www.elitetrader.com/et/index.php?threads/what-about-china-2014.282081/
Ghost malls exist as well, but no worries everything is fine and dandy in this QE world....ghost malls....ghost cities....ghost Manhattan's ...QE 1 QE 2 QE 3 ...tarp ...Japan now has their QE running ..soon Europe will have QE and China will also be building more ghost cities to keep their gdp inflated above 7%...
So here is an article from bloomberg I found today and thought I would post it, the funny thing is that the writer noticed how construction sites were sitting idle, that half finished buildings were standing in most likely empty cities and idle cranes sat across the horizon, well where he was was probably in some ghost city or ghost mall as they refer to them in China, this has been going on for years, his story is not new, Im surprised he is surprised by what he saw. The fact of the matter is that its all right there in front of us, these stories do exist, why no one is taking notice of this is beyond me, I have mentioned this numerous times, but its just one of those headlines that gets ignored for years until well after the fact...its when the pieces of the puzzle are finally put together you realize why the world is in a global recession, but until then with the central banks priming and propping up every market around the world with stimulus these stories, pictures and videos will continue to go unnoticed....so just keep in mind when the next collapse comes you aren't searching for an answer or two as to why the world is in a global recession, the answers are here today right in front of you to see.
We Traveled Across China and Returned Terrified for the Economy
byTimothy Coulter
3:18 PM EDT
April 9, 2015
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A worker cuts steel billets at an iron and steel enterprise on June 9, 2014 in Ganyu County, China.
Photographer: ChinaFotoPress/Getty Images
China’s steel and metals markets, a barometer of the world’s second-biggest economy, are “a lot worse than you think,” according to a Bloomberg Intelligence analyst who just completed a tour of the country.
What he saw: idle cranes, empty construction sites and half-finished, abandoned buildings in several cities. Conversations with executives reinforced the “gloomy” outlook.
“China’s metals demand is plummeting,” wrote Kenneth Hoffman, the metals analyst who spent a week traveling across the country, meeting with executives, traders, industry groups and analysts. “Demand is rapidly deteriorating as the government slows its infrastructure building and transforms into a consumer economy.”
The China Steel Profitability Index compiled by Bloomberg Intelligence barely rose in March, a time after the annual Lunar New Year when demand would usually surge, and so far this month has resumed its decline. Steel use this year is down 3.4 percent, after slumping as much as 4 percent in 2014, according to BI. It had steadily risen for more than a decade.
Prices for commodities from iron ore to coal are sinking as China’s leadership tries to steer the economy away from debt-fueled property investment and smokestack industries, embracing services and domestic-led consumption. At the same time, President Xi Jinping is stepping up efforts to combat pollution, further squeezing industry.
Interest Rates
Deteriorating economic data has led traders and analysts to speculate that China’s central bank will act to revive growth. The bank has said it will keep an “appropriate balance between loosening and tightening” of interest rates. It has cut interest rates twice since November and lowered lenders’ reserve-requirement ratios once.
Economists are forecasting 7 percent growth in China for this year, in line with government targets and down from 7.4 percent in 2014, according to the median of 59 estimates compiled by Bloomberg. That’s about half the last decade’s peak rate of 14.2 percent in 2007.
The slowing steel and metals activity suggests the outlook could be grimmer.
“There is a big fear this is going to get worse before it gets better,” Hoffman said in an interview. “It’s as bad as the data looks, if not worse.”
We Traveled Across China and Returned Terrified for the Economy
byTimothy Coulter
3:18 PM EDT
April 9, 2015
Share on FacebookShare on Twitter
A worker cuts steel billets at an iron and steel enterprise on June 9, 2014 in Ganyu County, China.
Photographer: ChinaFotoPress/Getty Images
China’s steel and metals markets, a barometer of the world’s second-biggest economy, are “a lot worse than you think,” according to a Bloomberg Intelligence analyst who just completed a tour of the country.
What he saw: idle cranes, empty construction sites and half-finished, abandoned buildings in several cities. Conversations with executives reinforced the “gloomy” outlook.
“China’s metals demand is plummeting,” wrote Kenneth Hoffman, the metals analyst who spent a week traveling across the country, meeting with executives, traders, industry groups and analysts. “Demand is rapidly deteriorating as the government slows its infrastructure building and transforms into a consumer economy.”
The China Steel Profitability Index compiled by Bloomberg Intelligence barely rose in March, a time after the annual Lunar New Year when demand would usually surge, and so far this month has resumed its decline. Steel use this year is down 3.4 percent, after slumping as much as 4 percent in 2014, according to BI. It had steadily risen for more than a decade.
Prices for commodities from iron ore to coal are sinking as China’s leadership tries to steer the economy away from debt-fueled property investment and smokestack industries, embracing services and domestic-led consumption. At the same time, President Xi Jinping is stepping up efforts to combat pollution, further squeezing industry.
Interest Rates
Deteriorating economic data has led traders and analysts to speculate that China’s central bank will act to revive growth. The bank has said it will keep an “appropriate balance between loosening and tightening” of interest rates. It has cut interest rates twice since November and lowered lenders’ reserve-requirement ratios once.
Economists are forecasting 7 percent growth in China for this year, in line with government targets and down from 7.4 percent in 2014, according to the median of 59 estimates compiled by Bloomberg. That’s about half the last decade’s peak rate of 14.2 percent in 2007.
The slowing steel and metals activity suggests the outlook could be grimmer.
“There is a big fear this is going to get worse before it gets better,” Hoffman said in an interview. “It’s as bad as the data looks, if not worse.”