Chinese cities rush into risky specialisation
Local governments are responding to Beijing's call to spur the development of the hinterland by embracing a vast array of industries.
Zhongxian
THE first plan was for an "eco-city" that would help pull Zhongxian, a remote city on the hilly banks of the Yangtze River in south-west China, out of poverty. But after a dispute with the local government over land rights, the developers pulled out and all that remains of the green-themed project are half-completed structures and piles of rubbish.
Now, Zhongxian's government has seized upon another plan to reinvent its economy: a 1.4 billion yuan (S$286 million) online gaming complex that it hopes will cash in on China's fast-growing e-sports market. When finished, the complex will include a 6,000-capacity stadium and an incubator for gaming startups - all of this in a town that lacks an airport or railway station.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Biden vetoes bid to repeal US labour board rule on contract, franchise workers
Economic leaders of South Korea, Japan, China say FX volatility is a risk
US automakers win extension on use of Chinese graphite in EV tax credits
US service sector contracts in April; price pressures up
Thaksin’s daughter calls central bank independence an ‘obstacle’
US jobs growth slows in April; jobless rate up to 3.9%