Why China's Economy is Finally Slowing Down

Summary

Before China's economic boom, it faced a severe housing crisis, with urban areas extremely cramped and lacking basic amenities. Housing, seen as a state responsibility, was cheap but inadequate. The introduction of economic reforms by Deng Xiaoping in 1988, allowing the transfer of land use rights, sparked a real estate revolution. This shift led to explosive growth in housing development, turning a crisis into a thriving market. However, this growth eventually resulted in a bubble, with sky-high prices and a significant portion of homes remaining vacant. The Chinese government's introduction of regulatory 'red lines' aimed to control financial risks but led to challenges for major developers like Evergrande, highlighting systemic issues within China's property sector.

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