tirsdag 29. desember 2020

Behind China’s fastest-growing big city: Aviation, tourism and a potential housing bubble

The Chinese city of Xi’an remains a bright spot of growth in a country still recovering from the shock of the coronavirus pandemic. Xi’an is best known to many for its Terracotta Warriors — an army of clay sculptures from ancient times. Located in central China well over 800 miles from the east coast metropolis of Shanghai, Xi’an is one of the last major urban areas before the poorer regions of the west.

The city’s GDP grew 4.5% in the first three quarters of the year, the fastest of all major Chinese cities, according to Wind Information. Beijing city grew 0.1%, while Shanghai contracted 0.3% during the first nine months of the year, the data showed. National GDP is set for roughly 2% growth this year. Xi’an’s rapid expansion reflects how local governments are trying to boost growth, while revealing questions about sustainability.