Build that bridge!

FT:

Fixed-asset investment remains the biggest engine of China’s economy and also fuels global demand for commodities such as coal, steel and base metals. Fixed investment contributed 45% to China’s GDP last year, by far the highest share of any major economy. The US share is 22%, while Japan’s is 30%.

The infrastructure share of overall fixed-asset investment hit 21% in the year to July, the highest on record, according to FT calculations of official data. That compares with 18% for real estate. infrastructure stimulus has strained local finances. Local government debt will hit Rmb42tn ($6.3 trillion) by the end of this year when various forms of off-budget borrowing are included, or 51 per cent of GDP

Build those 7 empty Manhattans!

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