Chinese property prices have been in continual decline for the past three years, when the bubble popped and the government has done little to incentivise further builds and mania.

Coupled with the aging population and falling birthrates, the mechanics simply aren’t there for it to happen again - so although Xi’s quote dates back to 2016 - it is very much true now in China.

There has been a sharp turn in national investment towards high-tech manufacturing, driven by EVs and associated industries, as the next engine for economic growth and prosperity.

Whether or not that actually plays out as intended is a seperate matter, but that’s really outside the scope of this discussion.

When I was there some 10 years ago, they were building entire cities that no one wanted to live in. Really weird seeing uninhabited downtown Chicago sized places in the distance.

fueling insane projects that fall apart, or wiping out working class communities with gentrification and displacing millions.

LOL mr 'leftist' here regurgitating western propaganda.
Sure that terrible real estate market has resulted in the terrible situation that only 93% of people OWN their house.