As China ages, a push to add elevators offers a new kind of economic relief

  • 📰 The Straits Times
  • ⏱ Reading Time:
  • 51 sec. here
  • 2 min. at publisher
  • 📊 Qulity Score:
  • News: 24%
  • Publisher: 63%

GUANGZHOU, CHINA (NYTIMES) - When China faced previous economic slowdowns, it favoured pharaonic, multibillion-dollar construction projects to quickly pump money into the economy. A bullet train network that now connects 700 cities. Ultramodern expressways longer than America's interstate highways. And 81 of the world's 100 highest bridges.. Read more at straitstimes.com.

Singapore Headlines News

Singapore Latest News, Singapore Headlines

GUANGZHOU, CHINA - When China faced previous economic slowdowns, it favoured pharaonic, multibillion-dollar construction projects to quickly pump money into the economy. A bullet train network that now connects 700 cities. Ultramodern expressways longer than America's interstate highways. And 81 of the world's 100 highest bridges.

Although China still likes grandiose infrastructure projects, they no longer have the same economic effect. High-speed rail lines and superhighways already link every large city, so new ones connect smaller and smaller communities in China's mountainous interior - at exorbitant cost. And the country's debt has spiraled so high that it has become a serious drag on growth.

To house the new city dwellers, municipal governments and state-owned enterprises hastily built no-frills apartment towers of seven to 10 stories across the country. The Soviet-style, hulking complexes soon dominated the landscape, particularly in manufacturing hubs like Guangzhou. Many less affluent cities have no programmes for elevator installation or tiny ones. In far southern China, Zhanjiang offers a meager US$3,000 subsidy for each apartment building.

Guangzhou's approach is spreading. Hefei, a metropolis of 8 million people in central China, announced Sept 1 that it was adopting a similar rule.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 8. in SG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

South China Sea Watch: China holds drills amid new tensionsA look at developments in the South China Sea, where China is pitted against smaller neighbors in multiple territorial disputes over islands, coral reefs and lagoons. China is holding new military exercises in the South China Sea amid an uptick in tensions between the Asian giant and its Southeast Asian Hoanghonggiamin
Source: YahooSG - 🏆 3. / 71 Read more »

China says US 'abusing power' by squeezing TikTokBeijing on Monday accused the Trump administration of abusing 'national power' by trying to ban TikTok, as a federal court gave the video app's US operations a stay of execution.
Source: YahooSG - 🏆 3. / 71 Read more »

With EU help, Taiwan gets rare win in China naming disputeTaiwan expressed satisfaction on Monday and said the European Union had stepped in to help after a global alliance of mayors stopped referring to ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Digital platform OneSME launched to promote trade between Singapore, China SMEsLOCAL small and medium-sized enterprises (SMEs) will be able to trade more easily with businesses in China on OneSME, a cross-border digital trade platform for SMEs in Singapore and China that was launched on Monday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Japanese chipmaker Kioxia shelves US$3.2 billion IPO amid US-China tensionsTOKYO: Kioxia Holdings Corp, the world's second-largest maker of flash memory chips, on Monday shelved plans for what would have been Japan's ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

China must prepare for 'long tech march' following US restrictions on SMIC: ReportChina must engage in a new 'long march' in the technology sector now that the U.S. has imposed export restrictions on Semiconductor Manufacturing ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »