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Houses are for living, not for speculation (en.wikipedia.org)

submitted 4 days ago by eah@programming.dev to c/wikipedia@lemmy.world

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[–] thatKamGuy@sh.itjust.works 8 points 2 days ago

Chinese property prices have been in continual decline for the past three years, when the bubble popped and the government has done little to incentivise further builds and mania.

Coupled with the aging population and falling birthrates, the mechanics simply aren’t there for it to happen again - so although Xi’s quote dates back to 2016 - it is very much true now in China.

There has been a sharp turn in national investment towards high-tech manufacturing, driven by EVs and associated industries, as the next engine for economic growth and prosperity.

Whether or not that actually plays out as intended is a seperate matter, but that’s really outside the scope of this discussion.