Comment Re:Largest economy? (Score 5, Interesting) 588
Not that you don't bring up some good points but consider this slightly re-worded sentence you wrote;
Everything I'm reading in English says they are dangerously close to bursting
Some of their other infrastructure is coming in the form of high speed rail, with many parts of it functioning already. Rail links to the rest of Europe are already planned and being built. While there may be ghost cities right now, the 'plan' is to have the infrastructure in place for the hordes coming in from the rural areas, to avoid such nasty things like 'tin shack villages' and overcrowding becoming commonplace, like many other countries have experienced when population growth far exceeded the ability of local infrastructure to be built.
I think it is hard for many westerners to really understand what is going on in many parts of China. The growth that was once limited to coastal cities, is spreading into more central locations of the country, to take advantage of the population distribution. Human rights, and pollution controls aside(and those really are BIG things to us, and rightfully so), they are absolutely doing almost a perfect job of bringing their country into a more-than-modern era.
As far as them 'busting'. The likelihood of that happening is much smaller than it was here, or in any of the problem EU countries like greece, portugal, iceland, and italy. Why? They actually have rather sane lending policies when it comes to housing. I have been hearing the line that there is a bubble in China for just about a decade now, mainly from westerners who think that their lending practices closely match ours(they don't), and just by looking at the growth similarities, a parallel is able to be drawn to our meteoric rise, and subsequent fall(it isn't) in real estate.
It has been about 5 years since I looked when I last heard this same 'rumor' of a bubble going around since I really looked at the financial requirements and legal framework, and I do imagine some of that has changed(possibly the restriction on second homes was lifted in that time, Im not sure), but there are a LOT of reasons why what appears to be a bubble in China, is only a buibble when looked at through the experience of western eyes. I won't say something stupid like 'it's different this time', but there are serious structural and behavioral differences that make a comparison between our two economies incredibly hard to do without spending a large portion of your waking hours immersing yourself in the differences between the frameworks of the two systems.
End result, learn Chinese. Worst case, you expand your knowledge. Best case, you(more likely your children) don't become a slave.