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Could it be that all those stories about overcapacity, overbuilding, and abysmal returns on capital are true?

Mmm-hmm. I'll be shocked if they aren't, actually. You saw Ambrose Evans-Pritchard's bit on this -- "overcapacity" as China's main export?

This spending spree reminds me a LOT of Japan's similar buying-up of US properties in the late 1980s. They were going to own the world, remember? I'm inclined to think this'll work out the same way.

- John Rosevear

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