Economy

Story on China's ghost cities.

"Some economists, like Yale's Stephen Roach has said, however, that China's modernization is "the greatest urbanization story the world has ever seen," and that these ghost cities will soon become "thriving metropolitan areas.""

I doubt it. Remember how well urban renewal worked out here? This is urban renewal on an unimaginable scale. This is malinvestment fueled by printing money and directed by central planners. Some economists always think that's a good thing, but it never is.