I had penned a long piece about the composition of Chinese FX reserves and gone into the Corriente Advisors argument about why China is in a bubble and the RMB is over-valued, when I came across this video:
http://www.pbs.org.pov.utopia/
Nothing I could have written illustrates the argument about over-investing and the "build-it-and-they-will-come" attitude better than this. Enjoy!
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