China bulls bet on an urban fiction

More urbanisation is the latest go-to argument for Chinese growth, but it’s not the prosperity machine many observers think it is.

The latest default bull argument supporting higher levels of growth in China than I believe possible is the urbanisation argument. Beijing is planning another major urbanisation push, and according to this argument China can resolve the problem of wasted investment by investing in the urbanisation process, that is it can engage in a massive investment program related to the need to build infrastructure for all the newly urbanised. 

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