China may have to rely more on ghost factories to drive growth

Over the past four decades, Chinese policymakers at the central and local level have had a handy tool at the ready to boost economic activity when everything else faltered: construction. Spending money on new apartment blocks, transport infrastructure, energy-generation plants and industrial parks is a convenient way to pump-prime the economy. Now, there’s a new mechanism for driving GDP.

Industrial equipment used to make semiconductors, solar cells and electric vehicles presents a great…..
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