TẦM NHÌN "ĐỊA-VĂN-CHÍNH-CÔNG-KINH"
QUYẾT ĐỊNH THÀNH CÔNG
I FORESEE TO WIN
NOTHING IS PERMANENT EXCEPT CHANGE

Building things—roads, airports, train lines and the like—has long been a staple of China’s economy. Now, headline investment growth levels are stalling. That’s worrying enough. The situation behind the figures is, perhaps, even scarier.

China’s year-to-date investment growth in May slowed to 6.1%—the lowest since the mid-1990s. Even that weak figure is misleading, because a land price bubble is flattering the data. Nominal real-estate investment was 10% percent higher in the first five months of 2018, including a whopping...