Home groan: China’s housing-sector crisis
Economist Podcasts
The Economist
4.3 • 5K Ratings
🗓️ 22 August 2023
⏱️ 30 minutes
🧾️ Download transcript
Summary
Once again, fears are ripping through the industry—this time starting from a firm once thought too big to fail. In an economy so dependent on housebuilding, that will have wide-ranging consequences. We take a ride in one of the autonomous taxis that have flooded onto San Francisco’s streets (10:22). And crunching the numbers on Antarctica’s worrisome dearth of sea ice (19:40).
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Transcript
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| 0:00.0 | Hello, I'm currently out of office. |
| 0:04.4 | An article I read recently said we're more relaxed and more productive after a good break. |
| 0:14.4 | So I've gone to Barbados for a month for science. Yours, Toby. Take your holiday as seriously as British |
| 0:26.7 | Airways holidays take your holiday. Atul protected. This episode is sponsored by Tradeu, |
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| 0:40.6 | Get access to Jeffrey's research, trading view and analyst AI, all free with your |
| 0:46.4 | trade-do account. |
| 0:48.1 | Tradeu, your trade, your move. |
| 0:51.7 | Explore more at tradeu.com. Your capital is at risk. Terms and conditions apply. |
| 1:01.3 | Hello and welcome to the intelligence from The Economist. I'm Oire Ocumby. And I'm Jason Palmer. Every weekday, we provide a fresh perspective on the events shaping your world. |
| 1:15.0 | Let's go for a little ride, shall we? Not in a car, no. Not even in a bus or a truck, but in a robo-taxie. |
| 1:23.4 | The self-driving cars are a polarizing topic in California, but with expansion on the horizon, |
| 1:28.7 | we chat with our correspondent to see if he's on board. |
| 1:33.5 | And the sea ice in Antarctica comes and goes with the seasons. |
| 1:37.6 | The amount that it goes in the summer has long worried climatologists. |
| 1:41.7 | But there's a newer, worrying trend. It's not coming back as much even in the continent's winter. |
| 1:48.0 | First up, though. |
| 1:58.0 | Country Garden, one of China's housing giants, is looking shaky, and that creates worries |
| 2:07.4 | right across the Chinese economy. |
| 2:10.8 | Housing markets are always a reasonable chunk of the economic system, but in China that |
| 2:15.3 | chunk is enormous, accounting for perhaps 30% of the country's GDP. |
| 2:20.3 | That's why last year, when the heavily indebted housing firm Evergrand defaulted, |
... |
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