Posted: 2011-07-09 18:06:20 UTC-05:00
By Michael Pettis I want to start with a story that may be fairly illustrative of one of the problems within the Chinese economy that I worry about. There was an article in last Sunday’s edition of the South China Morning Post about a real estate project in Guangdong. (WC Fields’ was supposed to have once called Mae West “a plumber’s idea of Cleopatraâ€, and for some reason that story popped into my mind when I read the article.) It says that a real estate developer is attempting to build a replica of a beautiful Austrian village in Guangdong province…
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