The unbearable brightness of Beijing

Beijing's largesse is outshining other Chinese spending to the point where rebalancing towards household consumption will mean a very sharp reduction in investment growth.

The IMF’s Il Houng Lee, Murtaza Syed, and Liu Xueyan have published a very interesting and widely noticed study called Is China Over-Investing and Does it Matter? In it they argue that there is strong evidence that China is overinvesting significantly. According to the abstract:

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