China fact of the day

Real, constant quality land values have increased by nearly 800% since the first quarter of 2003, with half that rise occurring over the past two years. State-owned enterprises controlled by the central government have played an important role in this increase, as our analysis shows they paid 27% more than other bidders for an otherwise equivalent land parcel.

That's from Beijing and the source is here with hat tip to Felix Salmon.  It's hard being a (short-run) China pessimist, since the juggernaut seems to keep on rolling.  But yes, I still am.


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