China Building Boom Continues

BEIJING — The Olympic Games are over, leaving Beijing with stunning structures such as the Bird's Nest stadium and multiple new subway lines, but one of the greatest building booms in history is far from finished. Despite the global economic slowdown, the Chinese government is steaming ahead with large-scale projects to turn this rural nation into an urban, industrial powerhouse. The projects range from the world's fastest train and the world's largest Ferris wheel to legions of skyscrapers and thousands of miles of highways. China "is spending massive amounts on infrastructure," says Stephen Green, an economist at Standard Chartered Bank in Shanghai. Fixed-asset investment, a major pillar of the national economy, stands at 45% of the gross domestic product — a "world-record-breaking number," Green says. In comparison, Korea, JapanSingapore never broke 40% when they were developing at their fastest pace, Green says .