China’s last boomtowns show rapid growth is still possible
All it takes is for the state to work with the market
China’s economic miracle emerged from dozens of industrial entrepots. Dongguan, famous for producing furniture and toys, as well as its many brothels, witnessed GDP growth of 21% in 2004. Hohhot, a town on the edge of the Mongolian steppe, posted growth of 18% in 2006 as it scarred its mineral-rich terrain with mines. Shanghai, the country’s commercial hub, achieved 15% growth the next year as it churned out everything from machinery and textiles to cargo ships and steel, minting millionaires in the process.
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Finance & economics August 3rd 2024
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From the August 3rd 2024 edition
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