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AUG 17, 2013 - Zero Hedge

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Michael Pettis On China's Urbanization Fallacy

Authored by Michael Pettis, originally posted at China Financial Markets blog, The latest default bull argument supporting higher levels of growth in China than I believe possible is the urbanization argument. Beijing is planning another major urbanization push, and according to this argument China can resolve the problem of wasted investment by investing in the urbanization process, that is it can engage in a massive investment program related to the need to build infrastructure for all the newly urbanized. Here is the Financial Times on China’s urbanization policy: Li Keqiang, the ... Read More

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