The price paid for a square metre of urban residential floor space in China doubled to 7616 RMB (1215 in USD) in the decade to 2017. A typical household in China would have to save all disposable income earned for 15 years to have enough to pay for an average-sized house. On this measure even London looks cheap by comparison, with a house price-to-income ratio of eight. In a market economy, a higher price tag on an asset is a...