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China's new COVID surge is Xi's biggest test yet-569845
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Ban on structures higher than 500 meters is more about taming economic excess
July 15, 2021 05:00 JST | China Skyscrapers including Shanghai Tower stand steadily forming a unique city skyline in November 2020: do not downplay the symbolism. © Imaginechina/AP
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William Pesek is an award-winning Tokyo-based journalist and author of Japanization: What the World Can Learn from Japan s Lost Decades.
The best indicator of whether President Xi Jinping really is reducing leverage in Asia s biggest economy might not be data. It may be the skylines of China s biggest cities.
As China sets the pace for recovery from COVID-19, Beijing claims to be wringing froth out of asset markets, policing shadow-banking entities and taming local government debt. It is quite a feat as much of the globe churns out more stimulus amid fresh lockdowns and panic over the delta variant.