Housing surpluses in some places and shortages in others reflect China's failed economic strategies

The scenic lakeshore city of Dali in southwestern China, renowned for its ancient pagodas and peaceful vibe, has been a favorite tourist spot for many years. Last January and February, after China abandoned the zero-COVID doctrine and eliminated virtually all domestic travel restrictions, Dali prefecture received nearly 20 million tourists, more than five times the size of its own population, making it one of the most visited destinations across China.
But while tourists are going to Dali, a growing number of people are leaving the city and settling in larger and wealthier cities like Beijing…