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China’s Housing Crisis Is Worse Than It Seems

A residential high rise building is pictured in Shanghai on March 15, 2016. Photo Johannes Eisele/AFP via Getty Images.

By Yi Fuxian, Project Syndicate

By fueling demographic collapse, Japan’s short-sighted approach to ending its “lost decades” has set the stage for “lost centuries.” Now, Chinese policymakers – who are facing an even more severe housing and demographic crisis – are at risk of making the same mistakes.

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