My personal opinion, if you set aside the external economy that lives off of "China is the factory of everything". One of the key needs of the population is their own housing. And the Chinese government decided to combine the experience of the USSR in providing citizens with mass housing, but taking into account other economic realities. To begin with, in the USSR such a global project "for centuries" was realized at the expense of poverty wages of citizens who had a Chance to get some real estate, as if "for free". China decided to kill many birds with one stone: - To give a feeling of availability of real estate to citizens - To give a powerful boost to the INTERNAL economy - the mass construction market pulls up a huge number of related parties, and now, probably directly or indirectly worked for this segment of the economy tens of millions of people and many thousands of companies. - At the same time, according to the legislation, the real estate market, or rather the life of housing - not eternal, legally - 70 years from the date of construction. And then buy a new one. This means that this sector of the economy will work forever. - The banking sector is developing, because most of the housing is bought on credit. - A person with loans secured by state banks, becomes more "obedient", because "unacceptable behavior" going against the "line of the ruling party of China" - synonymous with the deprivation of work, the ability to pay the loan for your home and eventually - its loss. The idea was great, but the realization was shaken after COWID19, and the changes in China's domestic policy, or rather the shift to totalitarian methods, with the rejection of democratic and capitalist ideas. Also, increased relations with the West did not improve the economy, but significantly worsened the government's ability to rely on foreign currency revenues to finance mega-companies such as Evergrande and government lending programs.
My personal opinion, if you set aside the external economy that lives off of "China is the factory of everything". One of the key needs of the population is their own housing. And the Chinese government decided to combine the experience of the USSR in providing citizens with mass housing, but taking into account other economic realities. To begin with, in the USSR such a global project "for centuries" was realized at the expense of poverty wages of citizens who had a Chance to get some real estate, as if "for free". China decided to kill many birds with one stone: - To give a feeling of availability of real estate to citizens - To give a powerful boost to the INTERNAL economy - the mass construction market pulls up a huge number of related parties, and now, probably directly or indirectly worked for this segment of the economy tens of millions of people and many thousands of companies. - At the same time, according to the legislation, the real estate market, or rather the life of housing - not eternal, legally - 70 years from the date of construction. And then buy a new one. This means that this sector of the economy will work forever. - The banking sector is developing, because most of the housing is bought on credit. - A person with loans secured by state banks, becomes more "obedient", because "unacceptable behavior" going against the "line of the ruling party of China" - synonymous with the deprivation of work, the ability to pay the loan for your home and eventually - its loss. The idea was great, but the realization was shaken after COWID19, and the changes in China's domestic policy, or rather the shift to totalitarian methods, with the rejection of democratic and capitalist ideas. Also, increased relations with the West did not improve the economy, but significantly worsened the government's ability to rely on foreign currency revenues to finance mega-companies such as Evergrande and government lending programs.

My personal opinion, if you set aside the external economy that lives off of "China is the factory of everything". One of the key needs of the population is their own housing. And the Chinese government decided to combine the experience of the USSR in providing citizens with mass housing, but taking into account other economic realities. To begin with, in the USSR such a global project "for centuries" was realized at the expense of poverty wages of citizens who had a Chance to get some real estate, as if "for free". China decided to kill many birds with one stone: - To give a feeling of availability of real estate to citizens - To give a powerful boost to the INTERNAL economy - the mass construction market pulls up a huge number of related parties, and now, probably directly or indirectly worked for this segment of the economy tens of millions of people and many thousands of companies. - At the same time, according to the legislation, the real estate market, or rather the life of housing - not eternal, legally - 70 years from the date of construction. And then buy a new one. This means that this sector of the economy will work forever. - The banking sector is developing, because most of the housing is bought on credit. - A person with loans secured by state banks, becomes more "obedient", because "unacceptable behavior" going against the "line of the ruling party of China" - synonymous with the deprivation of work, the ability to pay the loan for your home and eventually - its loss. The idea was great, but the realization was shaken after COWID19, and the changes in China's domestic policy, or rather the shift to totalitarian methods, with the rejection of democratic and capitalist ideas. Also, increased relations with the West did not improve the economy, but significantly worsened the government's ability to rely on foreign currency revenues to finance mega-companies such as Evergrande and government lending programs.

My personal opinion, if you set aside the external economy that lives off of "China is the factory of everything". One of the key needs of the population is their own housing. And the Chinese government decided to combine the experience of the USSR in providing citizens with mass housing, but taking into account other economic realities. To begin with, in the USSR such a global project "for centuries" was realized at the expense of poverty wages of citizens who had a Chance to get some real estate, as if "for free". China decided to kill many birds with one stone: - To give a feeling of availability of real estate to citizens - To give a powerful boost to the INTERNAL economy - the mass construction market pulls up a huge number of related parties, and now, probably directly or indirectly worked for this segment of the economy tens of millions of people and many thousands of companies. - At the same time, according to the legislation, the real estate market, or rather the life of housing - not eternal, legally - 70 years from the date of construction. And then buy a new one. This means that this sector of the economy will work forever. - The banking sector is developing, because most of the housing is bought on credit. - A person with loans secured by state banks, becomes more "obedient", because "unacceptable behavior" going against the "line of the ruling party of China" - synonymous with the deprivation of work, the ability to pay the loan for your home and eventually - its loss. The idea was great, but the realization was shaken after COWID19, and the changes in China's domestic policy, or rather the shift to totalitarian methods, with the rejection of democratic and capitalist ideas. Also, increased relations with the West did not improve the economy, but significantly worsened the government's ability to rely on foreign currency revenues to finance mega-companies such as Evergrande and government lending programs.