In the same period, about 2-3 millions jobs are created in the U.S., and only about 1.5 million in the euro area! China’s rise is a shock to world labour supply of unprecedented magnitude. If the pace of job creation is sustained, China’s rapid growth could last for another decade or so.
That’s what we need if we are to experience a long and sustainable expansion in housing investment that houses our growing population at acceptable cost, and pays reasonable returns on the capital deployed. That’s the sort of outcome we want, as part of the more balanced growth path for the economy we are seeking over the years ahead.