…..recent economic policies in China appear to have overlooked “productivity” – the essence of economic growth – entirely and focused instead on encouraging the sale of more houses and apartments at steadily rising prices.
Australia has finally exported its economic “growth” model 😉
Source: Can ‘New’ Keynesianism Save the Chinese Economy? | The Diplomat
Nailed it! Except that they are relying on local population growth instead of imported population to keep demand for housing up. Same effect.
China relies on internal migration rather than external. Population growth is low (0.5% p.a.) as a result of one-child policy.