Qianhai, a special economic zone in Shenzhen, China, was once seen as a symbol of the country’s economic miracle. But today, it is a ghost town, with half-empty skyscrapers and shopping malls, and barely used motorways.
Qianhai was launched in 2009 with the ambition of becoming a rival to Hong Kong, a global financial center. But it has failed to live up to its promise, and is now a stark reminder of China’s slowing economy and the challenges of its economic model.
The reasons for Qianhai’s failure are complex. Some experts blame the government’s heavy-handed approach to development, while others point to the global economic slowdown and China’s own economic problems.
Whatever the reasons, Qianhai’s fate is a warning to other countries that are looking to emulate China’s model of economic development. There is no guarantee of success, and there are many risks along the way.