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Question for our resident China explode Gordon Chang he joins us from Washington DC.
Welcome Gordon but first off it is this video too good to be true we're gonna run this video's been viral on the Internet.
-- thirty story hotel built in to what weeks from scratch.
That's what that's saying they did in China is -- thirty days thirty Storey hotel fifteen days is that legit it's going.
Well they actually did it it doesn't include the time for the foundations which they put in.
But nonetheless you know this clear that they put that up in fifteen days the real issue is how safe is that building.
Because you know you -- -- they -- ambition of Chinese officials and Chinese construction companies.
But when it comes to the safety of things you really got to be concerned well -- He's -- to the next question because on Monday Chinese state media reporting that -- part of a high speed rail line in central China collapsed.
That's on top of a bullet trying which killed I think 3040 people a couple of months ago.
Is this an example of building too fast expanding too quickly which is symptomatic of China.
Well it clearly is you know in China they have the phrase.
-- projects which means projects that are built really badly.
And a lot of these buildings have collapsed as we saw in Shanghai last year -- an apartment building just tilted over.
You know so this is systematic across the country.
And and it's the possibility that a lot of these buildings would not pass inspections anywhere else in the world.
And Ed Gordon this is Charles.
Another narrative bears out that these buildings of beautiful all the big decline designing but nobody's them you've got entire -- -- that -- entire buildings that are -- the does that -- -- a little bit more about China's economy.
Well it does it mean those -- cities are technically gross domestic product.
But the you know it's really wasteful right now it takes the government about seven dollars and spending to create one dollar of gross domestic product.
A lot of -- gross domestic product is as you suggest economically.
Not useful and that's really going to be a problem the Chinese -- is just building building building to keep the numbers up to sort of make everyone feel good.
But really -- Economics have got to catch up with the Sudanese government and what we're seeing now is slowdown in the economy which means economics are catching up to China's model I wanna timeframe when does the bubble bust you've -- in -- bubble when does it -- -- its first thing now Stuart we look at the numbers for January and February and they show a sudden deceleration in the Chinese economy with growth that.
You know maybe three or 4% maybe not even that.
I'm so we're seeing the bursting right now -- property prices down for six straight months all sorts of problems the Chinese -- is not only forecasting low growth.
They're hinting that growth will be in the low single digits this year when they issued their electricity forecast for 2012.
-- -- Gordon Chang thanks so much Gordon always good stuff appreciate it thank you.
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