Data from China grows grimmer by the day. Construction spending that had driven some 70% of Chinese GDP the past few years is officially reported as down 18% to date and falling. But with massive overbuilds and mal-investment nationwide tangled within a debt-maze of unprecedented scope and scale, the downturn for China and its suppliers is very likely only started.
Lovely airport, where are the planes? Spending sprees are creating white elephants in China as local authorities throw cash at projects that just don’t makes sense. Here is a direct video link.
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. See: We traveled across China and returned terrified for the economy, here is a direct video link.
;
