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English>>China Business

Shoddy investment props up GDP

(Global Times)

08:32, August 28, 2012

Three people were killed and five were injured when an eight-lane bridge collapsed Friday in Harbin, Heilongjiang Province. The bridge, which had been in operation only nine months, has added a total of 1.9 billion yuan ($298.89 million) to China's gross domestic product (GDP) tally - and despite its collapse, this figure is likely to stay on the books as an achievement in the country's economic development. What's more, if the bridge is rebuilt, an additional 1 billion yuan will probably be added to the GDP figure.

China's GDP has expanded by enormous rates over the past 30 years, in large part due to huge investments in infrastructure in the country. Yet, judging by the poor construction quality of many of these projects, a huge chunk of the country's GDP - perhaps as much as 20 percent - has been wasted. This is one of the reasons why many people across China have failed to see huge improvements in their livelihoods despite the runaway growth seen in the country's GDP.

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