But where are the customers?

The Washington Post in 2015 reported that China used more cement in just two years — 2011 to 2013 — than the U.S. used in all of the 20th century. Let that sink in for a moment. Meanwhile, China now produces five times as much steel as all of Europe each month.

But where are the customers? China built cities without people, malls without customers, and roads without cars, in anticipation that all of those would soon be filled. But many remain empty. China’s population is aging fast, and its growth is grinding to a halt. Still, many of China’s heavily-indebted businesses continue to borrow from government lenders, who have no incentive to stop the game.