global financial crisis of 2007-09, much of this capital accumulation took the form of new property and infrastructure. China’s workforce is now shrinking and demand for property has slumped: fewer people are moving to China’s cities, speculative gains on real estate are no longer assured and potential homebuyers are reluctant to buy flats in advance in case distressed developers run out of cash before building is complete. However, Mr Xi has a plan. On his visit, he urged his provincial audience to cultivate “new productive forces”. That phrase has since appeared scores of times in state newspapers and at official gatherings. It was highlighted in last month’s “two sessions”, annual meetings of China’s rubber-stamp parliament and its advisory body. Do you think that China will overtake the US any soon ?

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