From one angle, the world's biggest building is thriving—from another it is under a cloud. This mirrors the Chinese economy
BOILER-PIPE: T HE WORLD’S biggest building got off to a bad start. On the eve of its opening, Deng Hong, the man who built the mall-and-office complex, disappeared. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor's Picks. For years Mr Deng had received tributes in local media for turning farmland into glistening conference centres and hotels. The billionaire “conference king” walked with a swagger, chomped on cigars and knew how to please officials.
Investment accounts for nearly half of GDP , more than double the level of developed economies. Consumption, meanwhile, accounts for about a third of GDP , half the level of developed economies. Yet a simple emphasis on these two ratios misses something important, argues Arthur Kroeber, founder of Dragonomics, a China-focused research firm. Consumption has such a low share of GDP in China not because people are staying away from shops but because its investment has been unusually large.
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