How are those new cities with no citizens working for them?
What do you think of this?
The loans for those are a big part of the problem. Add in significant quality issues with the construction of anything there. Search “bridge collapse China” for some eye opening articles.
It is a society that is closed in many ways, something is driving them to build fast, and cut corners in quality, while borrowing to do it.
PRC being new to free trade is finding out through a series of speed bumps that there are good days and not so good days. What transpires next is like playing jazz, it isn’t the first note you play that’s important, it’s the next note.