1/3 Very good research report by TCB's Zhang Yuhan on city-level imbalances in investment intensity, consumption, and productivity.

2/3 He shows, among other things, that there is an inverse correlation among Chinese cities between their levels of investment and their productivity and efficiency, which is not what you would normally expect to see unless investment is...

3/3 driven not by the underlying needs of the economy but rather by the needs to achieve growth targets. He also shows how the Chinese economy has become increasingly characterized by large and rising regional differences.