id	sid	tid	token	lemma	pos
fbem-26270	1	1	frontiers	frontier	NOUN
fbem-26270	1	2	in	in	ADP
fbem-26270	1	3	business	business	NOUN
fbem-26270	1	4	,	,	PUNCT
fbem-26270	1	5	economics	economic	NOUN
fbem-26270	1	6	and	and	CCONJ
fbem-26270	1	7	management	management	NOUN
fbem-26270	1	8	issn	issn	PROPN
fbem-26270	1	9	:	:	PUNCT
fbem-26270	1	10	2766	2766	NUM
fbem-26270	1	11	-	-	PUNCT
fbem-26270	1	12	824x	824x	NUM
fbem-26270	1	13	|	|	ADJ
fbem-26270	1	14	vol	vol	NOUN
fbem-26270	1	15	.	.	PUNCT
fbem-26270	2	1	16	16	NUM
fbem-26270	2	2	,	,	PUNCT
fbem-26270	2	3	no	no	INTJ
fbem-26270	2	4	.	.	NOUN
fbem-26270	2	5	3	3	NUM
fbem-26270	2	6	,	,	PUNCT
fbem-26270	2	7	2024	2024	NUM
fbem-26270	2	8	265	265	NUM
fbem-26270	2	9	discussion	discussion	NOUN
fbem-26270	2	10	and	and	CCONJ
fbem-26270	2	11	verification	verification	NOUN
fbem-26270	2	12	:	:	PUNCT
fbem-26270	3	1	chinese	chinese	ADJ
fbem-26270	3	2	development	development	PROPN
fbem-26270	3	3	path	path	PROPN
fbem-26270	3	4	yifan	yifan	PROPN
fbem-26270	3	5	li	li	PROPN
fbem-26270	3	6	*	*	PUNCT
fbem-26270	3	7	school	school	PROPN
fbem-26270	3	8	of	of	ADP
fbem-26270	3	9	economics	economics	PROPN
fbem-26270	3	10	&	&	CCONJ
fbem-26270	3	11	management	management	NOUN
fbem-26270	3	12	,	,	PUNCT
fbem-26270	3	13	tongji	tongji	PROPN
fbem-26270	3	14	university	university	PROPN
fbem-26270	3	15	,	,	PUNCT
fbem-26270	3	16	shanghai	shanghai	PROPN
fbem-26270	3	17	,	,	PUNCT
fbem-26270	3	18	china	china	PROPN
fbem-26270	3	19	abstract	abstract	PROPN
fbem-26270	3	20	:	:	PUNCT
fbem-26270	3	21	this	this	DET
fbem-26270	3	22	paper	paper	NOUN
fbem-26270	3	23	examines	examine	VERB
fbem-26270	3	24	the	the	DET
fbem-26270	3	25	long	long	ADJ
fbem-26270	3	26	-	-	PUNCT
fbem-26270	3	27	term	term	NOUN
fbem-26270	3	28	implications	implication	NOUN
fbem-26270	3	29	of	of	ADP
fbem-26270	3	30	china	china	PROPN
fbem-26270	3	31	's	's	PART
fbem-26270	3	32	extensive	extensive	ADJ
fbem-26270	3	33	investment	investment	NOUN
fbem-26270	3	34	in	in	ADP
fbem-26270	3	35	infrastructure	infrastructure	NOUN
fbem-26270	3	36	and	and	CCONJ
fbem-26270	3	37	real	real	ADJ
fbem-26270	3	38	estate	estate	NOUN
fbem-26270	3	39	,	,	PUNCT
fbem-26270	3	40	suggesting	suggest	VERB
fbem-26270	3	41	that	that	SCONJ
fbem-26270	3	42	the	the	DET
fbem-26270	3	43	country	country	NOUN
fbem-26270	3	44	may	may	AUX
fbem-26270	3	45	have	have	AUX
fbem-26270	3	46	reached	reach	VERB
fbem-26270	3	47	a	a	DET
fbem-26270	3	48	stage	stage	NOUN
fbem-26270	3	49	where	where	SCONJ
fbem-26270	3	50	returns	return	NOUN
fbem-26270	3	51	on	on	ADP
fbem-26270	3	52	such	such	ADJ
fbem-26270	3	53	investments	investment	NOUN
fbem-26270	3	54	are	be	AUX
fbem-26270	3	55	significantly	significantly	ADV
fbem-26270	3	56	diminishing	diminish	VERB
fbem-26270	3	57	.	.	PUNCT
fbem-26270	4	1	merely	merely	ADV
fbem-26270	4	2	loosening	loosen	VERB
fbem-26270	4	3	lending	lending	NOUN
fbem-26270	4	4	regulations	regulation	NOUN
fbem-26270	4	5	is	be	AUX
fbem-26270	4	6	unlikely	unlikely	ADJ
fbem-26270	4	7	to	to	PART
fbem-26270	4	8	yield	yield	VERB
fbem-26270	4	9	sustainable	sustainable	ADJ
fbem-26270	4	10	benefits	benefit	NOUN
fbem-26270	4	11	and	and	CCONJ
fbem-26270	4	12	could	could	AUX
fbem-26270	4	13	,	,	PUNCT
fbem-26270	4	14	in	in	ADP
fbem-26270	4	15	fact	fact	NOUN
fbem-26270	4	16	,	,	PUNCT
fbem-26270	4	17	worsen	worsen	VERB
fbem-26270	4	18	the	the	DET
fbem-26270	4	19	financial	financial	ADJ
fbem-26270	4	20	strain	strain	NOUN
fbem-26270	4	21	on	on	ADP
fbem-26270	4	22	local	local	ADJ
fbem-26270	4	23	governments	government	NOUN
fbem-26270	4	24	,	,	PUNCT
fbem-26270	4	25	particularly	particularly	ADV
fbem-26270	4	26	when	when	SCONJ
fbem-26270	4	27	accounting	account	VERB
fbem-26270	4	28	for	for	ADP
fbem-26270	4	29	hidden	hidden	ADJ
fbem-26270	4	30	liabilities	liability	NOUN
fbem-26270	4	31	from	from	ADP
fbem-26270	4	32	local	local	ADJ
fbem-26270	4	33	government	government	NOUN
fbem-26270	4	34	financing	financing	NOUN
fbem-26270	4	35	vehicles	vehicle	NOUN
fbem-26270	4	36	(	(	PUNCT
fbem-26270	4	37	lgfvs	lgfvs	ADJ
fbem-26270	4	38	)	)	PUNCT
fbem-26270	4	39	,	,	PUNCT
fbem-26270	4	40	which	which	PRON
fbem-26270	4	41	are	be	AUX
fbem-26270	4	42	projected	project	VERB
fbem-26270	4	43	to	to	PART
fbem-26270	4	44	surpass	surpass	VERB
fbem-26270	4	45	half	half	NOUN
fbem-26270	4	46	of	of	ADP
fbem-26270	4	47	the	the	DET
fbem-26270	4	48	country	country	NOUN
fbem-26270	4	49	's	's	PART
fbem-26270	4	50	gdp	gdp	NOUN
fbem-26270	4	51	.	.	PUNCT
fbem-26270	5	1	the	the	DET
fbem-26270	5	2	heavy	heavy	ADJ
fbem-26270	5	3	dependence	dependence	NOUN
fbem-26270	5	4	of	of	ADP
fbem-26270	5	5	local	local	ADJ
fbem-26270	5	6	governments	government	NOUN
fbem-26270	5	7	on	on	ADP
fbem-26270	5	8	land	land	NOUN
fbem-26270	5	9	sales	sale	NOUN
fbem-26270	5	10	for	for	ADP
fbem-26270	5	11	revenue	revenue	NOUN
fbem-26270	5	12	further	far	ADV
fbem-26270	5	13	complicates	complicate	VERB
fbem-26270	5	14	the	the	DET
fbem-26270	5	15	issue	issue	NOUN
fbem-26270	5	16	,	,	PUNCT
fbem-26270	5	17	as	as	SCONJ
fbem-26270	5	18	a	a	DET
fbem-26270	5	19	downturn	downturn	NOUN
fbem-26270	5	20	in	in	ADP
fbem-26270	5	21	the	the	DET
fbem-26270	5	22	real	real	ADJ
fbem-26270	5	23	estate	estate	NOUN
fbem-26270	5	24	sector	sector	NOUN
fbem-26270	5	25	could	could	AUX
fbem-26270	5	26	lead	lead	VERB
fbem-26270	5	27	to	to	ADP
fbem-26270	5	28	a	a	DET
fbem-26270	5	29	dramatic	dramatic	ADJ
fbem-26270	5	30	decline	decline	NOUN
fbem-26270	5	31	in	in	ADP
fbem-26270	5	32	this	this	DET
fbem-26270	5	33	vital	vital	ADJ
fbem-26270	5	34	income	income	NOUN
fbem-26270	5	35	source	source	NOUN
fbem-26270	5	36	.	.	PUNCT
fbem-26270	6	1	while	while	SCONJ
fbem-26270	6	2	these	these	DET
fbem-26270	6	3	challenges	challenge	NOUN
fbem-26270	6	4	are	be	AUX
fbem-26270	6	5	theoretically	theoretically	ADV
fbem-26270	6	6	solvable	solvable	ADJ
fbem-26270	6	7	,	,	PUNCT
fbem-26270	6	8	they	they	PRON
fbem-26270	6	9	are	be	AUX
fbem-26270	6	10	extremely	extremely	ADV
fbem-26270	6	11	difficult	difficult	ADJ
fbem-26270	6	12	to	to	PART
fbem-26270	6	13	address	address	VERB
fbem-26270	6	14	in	in	ADP
fbem-26270	6	15	practice	practice	NOUN
fbem-26270	6	16	.	.	PUNCT
fbem-26270	7	1	the	the	DET
fbem-26270	7	2	paper	paper	NOUN
fbem-26270	7	3	stresses	stress	VERB
fbem-26270	7	4	the	the	DET
fbem-26270	7	5	need	need	NOUN
fbem-26270	7	6	for	for	ADP
fbem-26270	7	7	a	a	DET
fbem-26270	7	8	more	more	ADV
fbem-26270	7	9	balanced	balanced	ADJ
fbem-26270	7	10	and	and	CCONJ
fbem-26270	7	11	diversified	diversified	ADJ
fbem-26270	7	12	approach	approach	NOUN
fbem-26270	7	13	to	to	ADP
fbem-26270	7	14	economic	economic	ADJ
fbem-26270	7	15	development	development	NOUN
fbem-26270	7	16	,	,	PUNCT
fbem-26270	7	17	particularly	particularly	ADV
fbem-26270	7	18	in	in	ADP
fbem-26270	7	19	addressing	address	VERB
fbem-26270	7	20	local	local	ADJ
fbem-26270	7	21	government	government	NOUN
fbem-26270	7	22	debt	debt	NOUN
fbem-26270	7	23	and	and	CCONJ
fbem-26270	7	24	finding	find	VERB
fbem-26270	7	25	new	new	ADJ
fbem-26270	7	26	revenue	revenue	NOUN
fbem-26270	7	27	streams	stream	NOUN
fbem-26270	7	28	beyond	beyond	ADP
fbem-26270	7	29	land	land	NOUN
fbem-26270	7	30	sales	sale	NOUN
fbem-26270	7	31	.	.	PUNCT
fbem-26270	8	1	keywords	keyword	NOUN
fbem-26270	8	2	:	:	PUNCT
fbem-26270	8	3	china	china	PROPN
fbem-26270	8	4	development	development	PROPN
fbem-26270	8	5	path	path	PROPN
fbem-26270	8	6	,	,	PUNCT
fbem-26270	8	7	investment	investment	NOUN
fbem-26270	8	8	,	,	PUNCT
fbem-26270	8	9	local	local	ADJ
fbem-26270	8	10	government	government	NOUN
fbem-26270	8	11	financing	financing	NOUN
fbem-26270	8	12	vehicles	vehicle	NOUN
fbem-26270	8	13	.	.	PUNCT
fbem-26270	9	1	1	1	X
fbem-26270	9	2	.	.	X
fbem-26270	9	3	introduction	introduction	NOUN
fbem-26270	9	4	in	in	ADP
fbem-26270	9	5	this	this	DET
fbem-26270	9	6	paper	paper	NOUN
fbem-26270	9	7	,	,	PUNCT
fbem-26270	9	8	we	we	PRON
fbem-26270	9	9	argue	argue	VERB
fbem-26270	9	10	that	that	SCONJ
fbem-26270	9	11	china	china	PROPN
fbem-26270	9	12	,	,	PUNCT
fbem-26270	9	13	after	after	ADP
fbem-26270	9	14	decades	decade	NOUN
fbem-26270	9	15	of	of	ADP
fbem-26270	9	16	rapid	rapid	ADJ
fbem-26270	9	17	infrastructure	infrastructure	NOUN
fbem-26270	9	18	and	and	CCONJ
fbem-26270	9	19	real	real	ADJ
fbem-26270	9	20	estate	estate	NOUN
fbem-26270	9	21	investment	investment	NOUN
fbem-26270	9	22	,	,	PUNCT
fbem-26270	9	23	has	have	AUX
fbem-26270	9	24	likely	likely	ADV
fbem-26270	9	25	reached	reach	VERB
fbem-26270	9	26	a	a	DET
fbem-26270	9	27	stage	stage	NOUN
fbem-26270	9	28	where	where	SCONJ
fbem-26270	9	29	the	the	DET
fbem-26270	9	30	returns	return	NOUN
fbem-26270	9	31	on	on	ADP
fbem-26270	9	32	these	these	DET
fbem-26270	9	33	investments	investment	NOUN
fbem-26270	9	34	are	be	AUX
fbem-26270	9	35	diminishing	diminish	VERB
fbem-26270	9	36	[	[	X
fbem-26270	9	37	1	1	NUM
fbem-26270	9	38	,	,	PUNCT
fbem-26270	9	39	2	2	NUM
fbem-26270	9	40	]	]	PUNCT
fbem-26270	9	41	.	.	PUNCT
fbem-26270	10	1	simply	simply	ADV
fbem-26270	10	2	easing	ease	VERB
fbem-26270	10	3	lending	lending	NOUN
fbem-26270	10	4	restrictions	restriction	NOUN
fbem-26270	10	5	is	be	AUX
fbem-26270	10	6	unlikely	unlikely	ADJ
fbem-26270	10	7	to	to	PART
fbem-26270	10	8	create	create	VERB
fbem-26270	10	9	long	long	ADJ
fbem-26270	10	10	-	-	PUNCT
fbem-26270	10	11	term	term	NOUN
fbem-26270	10	12	benefits	benefit	NOUN
fbem-26270	10	13	and	and	CCONJ
fbem-26270	10	14	could	could	AUX
fbem-26270	10	15	even	even	ADV
fbem-26270	10	16	worsen	worsen	VERB
fbem-26270	10	17	the	the	DET
fbem-26270	10	18	financial	financial	ADJ
fbem-26270	10	19	pressures	pressure	NOUN
fbem-26270	10	20	on	on	ADP
fbem-26270	10	21	highly	highly	ADV
fbem-26270	10	22	-	-	PUNCT
fbem-26270	10	23	indebted	indebte	VERB
fbem-26270	10	24	local	local	ADJ
fbem-26270	10	25	governments	government	NOUN
fbem-26270	10	26	,	,	PUNCT
fbem-26270	10	27	especially	especially	ADV
fbem-26270	10	28	given	give	VERB
fbem-26270	10	29	the	the	DET
fbem-26270	10	30	substantial	substantial	ADJ
fbem-26270	10	31	liabilities	liability	NOUN
fbem-26270	10	32	from	from	ADP
fbem-26270	10	33	local	local	ADJ
fbem-26270	10	34	government	government	NOUN
fbem-26270	10	35	financing	financing	NOUN
fbem-26270	10	36	vehicles	vehicle	NOUN
fbem-26270	10	37	(	(	PUNCT
fbem-26270	10	38	lgfvs	lgfvs	ADJ
fbem-26270	10	39	)	)	PUNCT
fbem-26270	10	40	,	,	PUNCT
fbem-26270	10	41	which	which	PRON
fbem-26270	10	42	are	be	AUX
fbem-26270	10	43	estimated	estimate	VERB
fbem-26270	10	44	to	to	PART
fbem-26270	10	45	exceed	exceed	VERB
fbem-26270	10	46	50	50	NUM
fbem-26270	10	47	%	%	NOUN
fbem-26270	10	48	of	of	ADP
fbem-26270	10	49	gdp	gdp	NOUN
fbem-26270	10	50	.	.	PUNCT
fbem-26270	11	1	this	this	DET
fbem-26270	11	2	issue	issue	NOUN
fbem-26270	11	3	is	be	AUX
fbem-26270	11	4	further	far	ADV
fbem-26270	11	5	compounded	compound	VERB
fbem-26270	11	6	by	by	ADP
fbem-26270	11	7	the	the	DET
fbem-26270	11	8	reliance	reliance	NOUN
fbem-26270	11	9	of	of	ADP
fbem-26270	11	10	local	local	ADJ
fbem-26270	11	11	governments	government	NOUN
fbem-26270	11	12	on	on	ADP
fbem-26270	11	13	land	land	NOUN
fbem-26270	11	14	sales	sale	NOUN
fbem-26270	11	15	for	for	ADP
fbem-26270	11	16	revenue	revenue	NOUN
fbem-26270	11	17	,	,	PUNCT
fbem-26270	11	18	a	a	DET
fbem-26270	11	19	system	system	NOUN
fbem-26270	11	20	that	that	PRON
fbem-26270	11	21	may	may	AUX
fbem-26270	11	22	collapse	collapse	VERB
fbem-26270	11	23	if	if	SCONJ
fbem-26270	11	24	the	the	DET
fbem-26270	11	25	real	real	ADJ
fbem-26270	11	26	estate	estate	NOUN
fbem-26270	11	27	market	market	NOUN
fbem-26270	11	28	declines	decline	VERB
fbem-26270	11	29	.	.	PUNCT
fbem-26270	12	1	while	while	SCONJ
fbem-26270	12	2	these	these	DET
fbem-26270	12	3	challenges	challenge	NOUN
fbem-26270	12	4	may	may	AUX
fbem-26270	12	5	not	not	PART
fbem-26270	12	6	be	be	AUX
fbem-26270	12	7	insurmountable	insurmountable	ADJ
fbem-26270	12	8	,	,	PUNCT
fbem-26270	12	9	they	they	PRON
fbem-26270	12	10	present	present	VERB
fbem-26270	12	11	significant	significant	ADJ
fbem-26270	12	12	difficulties	difficulty	NOUN
fbem-26270	12	13	in	in	ADP
fbem-26270	12	14	practice	practice	NOUN
fbem-26270	12	15	.	.	PUNCT
fbem-26270	13	1	china	china	PROPN
fbem-26270	13	2	's	's	PART
fbem-26270	13	3	extraordinary	extraordinary	ADJ
fbem-26270	13	4	economic	economic	ADJ
fbem-26270	13	5	growth	growth	NOUN
fbem-26270	13	6	,	,	PUNCT
fbem-26270	13	7	particularly	particularly	ADV
fbem-26270	13	8	between	between	ADP
fbem-26270	13	9	1980	1980	NUM
fbem-26270	13	10	and	and	CCONJ
fbem-26270	13	11	2012	2012	NUM
fbem-26270	13	12	,	,	PUNCT
fbem-26270	13	13	averaged	average	VERB
fbem-26270	13	14	8.9	8.9	NUM
fbem-26270	13	15	%	%	NOUN
fbem-26270	13	16	according	accord	VERB
fbem-26270	13	17	to	to	ADP
fbem-26270	13	18	official	official	ADJ
fbem-26270	13	19	data	datum	NOUN
fbem-26270	13	20	,	,	PUNCT
fbem-26270	13	21	with	with	ADP
fbem-26270	13	22	the	the	DET
fbem-26270	13	23	pace	pace	NOUN
fbem-26270	13	24	slowing	slow	VERB
fbem-26270	13	25	to	to	ADP
fbem-26270	13	26	6.4	6.4	NUM
fbem-26270	13	27	%	%	NOUN
fbem-26270	13	28	between	between	ADP
fbem-26270	13	29	2013	2013	NUM
fbem-26270	13	30	and	and	CCONJ
fbem-26270	13	31	2019	2019	NUM
fbem-26270	14	1	[	[	X
fbem-26270	14	2	3	3	NUM
fbem-26270	14	3	-	-	SYM
fbem-26270	14	4	5	5	NUM
fbem-26270	14	5	]	]	PUNCT
fbem-26270	14	6	.	.	PUNCT
fbem-26270	15	1	alternative	alternative	ADJ
fbem-26270	15	2	data	datum	NOUN
fbem-26270	15	3	sources	source	NOUN
fbem-26270	15	4	,	,	PUNCT
fbem-26270	15	5	such	such	ADJ
fbem-26270	15	6	as	as	ADP
fbem-26270	15	7	the	the	DET
fbem-26270	15	8	pwt	pwt	NOUN
fbem-26270	15	9	,	,	PUNCT
fbem-26270	15	10	report	report	VERB
fbem-26270	15	11	slightly	slightly	ADV
fbem-26270	15	12	lower	low	ADJ
fbem-26270	15	13	figures	figure	NOUN
fbem-26270	15	14	but	but	CCONJ
fbem-26270	15	15	still	still	ADV
fbem-26270	15	16	acknowledge	acknowledge	VERB
fbem-26270	15	17	the	the	DET
fbem-26270	15	18	country	country	NOUN
fbem-26270	15	19	's	's	PART
fbem-26270	15	20	impressive	impressive	ADJ
fbem-26270	15	21	growth	growth	NOUN
fbem-26270	15	22	,	,	PUNCT
fbem-26270	15	23	lifting	lift	VERB
fbem-26270	15	24	millions	million	NOUN
fbem-26270	15	25	out	out	ADP
fbem-26270	15	26	of	of	ADP
fbem-26270	15	27	poverty	poverty	NOUN
fbem-26270	15	28	and	and	CCONJ
fbem-26270	15	29	transforming	transform	VERB
fbem-26270	15	30	china	china	PROPN
fbem-26270	15	31	into	into	ADP
fbem-26270	15	32	one	one	NUM
fbem-26270	15	33	of	of	ADP
fbem-26270	15	34	the	the	DET
fbem-26270	15	35	world	world	NOUN
fbem-26270	15	36	's	's	PART
fbem-26270	15	37	largest	large	ADJ
fbem-26270	15	38	economies	economy	NOUN
fbem-26270	15	39	.	.	PUNCT
fbem-26270	16	1	however	however	ADV
fbem-26270	16	2	,	,	PUNCT
fbem-26270	16	3	recent	recent	ADJ
fbem-26270	16	4	signs	sign	NOUN
fbem-26270	16	5	suggest	suggest	VERB
fbem-26270	16	6	a	a	DET
fbem-26270	16	7	slowdown	slowdown	NOUN
fbem-26270	16	8	in	in	ADP
fbem-26270	16	9	medium	medium	ADJ
fbem-26270	16	10	-	-	PUNCT
fbem-26270	16	11	term	term	NOUN
fbem-26270	16	12	growth	growth	NOUN
fbem-26270	16	13	,	,	PUNCT
fbem-26270	16	14	particularly	particularly	ADV
fbem-26270	16	15	as	as	SCONJ
fbem-26270	16	16	china	china	PROPN
fbem-26270	16	17	's	's	PART
fbem-26270	16	18	post	post	ADJ
fbem-26270	16	19	-	-	ADJ
fbem-26270	16	20	covid	covid	ADJ
fbem-26270	16	21	recovery	recovery	NOUN
fbem-26270	16	22	falters	falter	VERB
fbem-26270	16	23	[	[	X
fbem-26270	16	24	6	6	NUM
fbem-26270	16	25	]	]	PUNCT
fbem-26270	16	26	.	.	PUNCT
fbem-26270	17	1	for	for	ADP
fbem-26270	17	2	many	many	ADJ
fbem-26270	17	3	economists	economist	NOUN
fbem-26270	17	4	,	,	PUNCT
fbem-26270	17	5	it	it	PRON
fbem-26270	17	6	has	have	AUX
fbem-26270	17	7	been	be	AUX
fbem-26270	17	8	clear	clear	ADJ
fbem-26270	17	9	that	that	SCONJ
fbem-26270	17	10	china	china	PROPN
fbem-26270	17	11	's	's	PART
fbem-26270	17	12	growth	growth	NOUN
fbem-26270	17	13	rates	rate	NOUN
fbem-26270	17	14	would	would	AUX
fbem-26270	17	15	eventually	eventually	ADV
fbem-26270	17	16	decelerate	decelerate	VERB
fbem-26270	17	17	.	.	PUNCT
fbem-26270	18	1	factors	factor	NOUN
fbem-26270	18	2	such	such	ADJ
fbem-26270	18	3	as	as	ADP
fbem-26270	18	4	an	an	DET
fbem-26270	18	5	aging	age	VERB
fbem-26270	18	6	population	population	NOUN
fbem-26270	18	7	,	,	PUNCT
fbem-26270	18	8	exacerbated	exacerbate	VERB
fbem-26270	18	9	by	by	ADP
fbem-26270	18	10	the	the	DET
fbem-26270	18	11	one	one	NUM
fbem-26270	18	12	-	-	PUNCT
fbem-26270	18	13	child	child	NOUN
fbem-26270	18	14	policy	policy	NOUN
fbem-26270	18	15	,	,	PUNCT
fbem-26270	18	16	and	and	CCONJ
fbem-26270	18	17	a	a	DET
fbem-26270	18	18	slowdown	slowdown	NOUN
fbem-26270	18	19	in	in	ADP
fbem-26270	18	20	total	total	ADJ
fbem-26270	18	21	factor	factor	NOUN
fbem-26270	18	22	productivity	productivity	NOUN
fbem-26270	18	23	contribute	contribute	VERB
fbem-26270	18	24	to	to	ADP
fbem-26270	18	25	this	this	DET
fbem-26270	18	26	trend	trend	NOUN
fbem-26270	18	27	.	.	PUNCT
fbem-26270	19	1	additionally	additionally	ADV
fbem-26270	19	2	,	,	PUNCT
fbem-26270	19	3	china	china	PROPN
fbem-26270	19	4	's	's	PART
fbem-26270	19	5	ability	ability	NOUN
fbem-26270	19	6	to	to	PART
fbem-26270	19	7	expand	expand	VERB
fbem-26270	19	8	through	through	ADP
fbem-26270	19	9	exports	export	NOUN
fbem-26270	19	10	is	be	AUX
fbem-26270	19	11	increasingly	increasingly	ADV
fbem-26270	19	12	constrained	constrain	VERB
fbem-26270	19	13	by	by	ADP
fbem-26270	19	14	its	its	PRON
fbem-26270	19	15	significant	significant	ADJ
fbem-26270	19	16	share	share	NOUN
fbem-26270	19	17	of	of	ADP
fbem-26270	19	18	global	global	ADJ
fbem-26270	19	19	gdp	gdp	NOUN
fbem-26270	19	20	and	and	CCONJ
fbem-26270	19	21	exports	export	NOUN
fbem-26270	19	22	,	,	PUNCT
fbem-26270	19	23	alongside	alongside	ADP
fbem-26270	19	24	shifts	shift	NOUN
fbem-26270	19	25	in	in	ADP
fbem-26270	19	26	global	global	ADJ
fbem-26270	19	27	production	production	NOUN
fbem-26270	19	28	strategies	strategy	NOUN
fbem-26270	19	29	like	like	ADP
fbem-26270	19	30	'	'	PUNCT
fbem-26270	19	31	china	china	PROPN
fbem-26270	19	32	plus	plus	CCONJ
fbem-26270	19	33	one	one	NUM
fbem-26270	19	34	.	.	PUNCT
fbem-26270	19	35	'	'	PUNCT
fbem-26270	20	1	research	research	NOUN
fbem-26270	20	2	has	have	AUX
fbem-26270	20	3	shown	show	VERB
fbem-26270	20	4	that	that	SCONJ
fbem-26270	20	5	china	china	PROPN
fbem-26270	20	6	's	's	PART
fbem-26270	20	7	heavy	heavy	ADJ
fbem-26270	20	8	reliance	reliance	NOUN
fbem-26270	20	9	on	on	ADP
fbem-26270	20	10	real	real	ADJ
fbem-26270	20	11	estate	estate	NOUN
fbem-26270	20	12	and	and	CCONJ
fbem-26270	20	13	infrastructure	infrastructure	NOUN
fbem-26270	20	14	for	for	ADP
fbem-26270	20	15	growth	growth	NOUN
fbem-26270	20	16	may	may	AUX
fbem-26270	20	17	have	have	AUX
fbem-26270	20	18	reached	reach	VERB
fbem-26270	20	19	a	a	DET
fbem-26270	20	20	point	point	NOUN
fbem-26270	20	21	where	where	SCONJ
fbem-26270	20	22	the	the	DET
fbem-26270	20	23	returns	return	NOUN
fbem-26270	20	24	on	on	ADP
fbem-26270	20	25	new	new	ADJ
fbem-26270	20	26	investments	investment	NOUN
fbem-26270	20	27	in	in	ADP
fbem-26270	20	28	these	these	DET
fbem-26270	20	29	sectors	sector	NOUN
fbem-26270	20	30	have	have	AUX
fbem-26270	20	31	declined	decline	VERB
fbem-26270	20	32	[	[	PUNCT
fbem-26270	20	33	8	8	NUM
fbem-26270	20	34	]	]	PUNCT
fbem-26270	20	35	.	.	PUNCT
fbem-26270	21	1	in	in	ADP
fbem-26270	21	2	2021	2021	NUM
fbem-26270	21	3	,	,	PUNCT
fbem-26270	21	4	real	real	ADJ
fbem-26270	21	5	estate	estate	NOUN
fbem-26270	21	6	contributed	contribute	VERB
fbem-26270	21	7	22	22	NUM
fbem-26270	21	8	%	%	NOUN
fbem-26270	21	9	of	of	ADP
fbem-26270	21	10	china	china	PROPN
fbem-26270	21	11	's	's	PART
fbem-26270	21	12	gdp	gdp	NOUN
fbem-26270	21	13	,	,	PUNCT
fbem-26270	21	14	with	with	ADP
fbem-26270	21	15	infrastructure	infrastructure	NOUN
fbem-26270	21	16	investments	investment	NOUN
fbem-26270	21	17	pushing	push	VERB
fbem-26270	21	18	the	the	DET
fbem-26270	21	19	combined	combined	ADJ
fbem-26270	21	20	share	share	NOUN
fbem-26270	21	21	to	to	ADP
fbem-26270	21	22	31	31	NUM
fbem-26270	21	23	%	%	NOUN
fbem-26270	21	24	.	.	PUNCT
fbem-26270	22	1	while	while	SCONJ
fbem-26270	22	2	a	a	DET
fbem-26270	22	3	slowdown	slowdown	NOUN
fbem-26270	22	4	in	in	ADP
fbem-26270	22	5	the	the	DET
fbem-26270	22	6	real	real	ADJ
fbem-26270	22	7	estate	estate	NOUN
fbem-26270	22	8	sector	sector	NOUN
fbem-26270	22	9	poses	pose	VERB
fbem-26270	22	10	financial	financial	ADJ
fbem-26270	22	11	risks	risk	NOUN
fbem-26270	22	12	,	,	PUNCT
fbem-26270	22	13	particularly	particularly	ADV
fbem-26270	22	14	due	due	ADJ
fbem-26270	22	15	to	to	ADP
fbem-26270	22	16	rising	rise	VERB
fbem-26270	22	17	local	local	ADJ
fbem-26270	22	18	government	government	NOUN
fbem-26270	22	19	debt	debt	NOUN
fbem-26270	22	20	,	,	PUNCT
fbem-26270	22	21	china	china	PROPN
fbem-26270	22	22	's	's	PART
fbem-26270	22	23	central	central	ADJ
fbem-26270	22	24	government	government	NOUN
fbem-26270	22	25	retains	retain	VERB
fbem-26270	22	26	significant	significant	ADJ
fbem-26270	22	27	power	power	NOUN
fbem-26270	22	28	to	to	PART
fbem-26270	22	29	manage	manage	VERB
fbem-26270	22	30	these	these	DET
fbem-26270	22	31	challenges	challenge	NOUN
fbem-26270	22	32	,	,	PUNCT
fbem-26270	22	33	reducing	reduce	VERB
fbem-26270	22	34	the	the	DET
fbem-26270	22	35	likelihood	likelihood	NOUN
fbem-26270	22	36	of	of	ADP
fbem-26270	22	37	a	a	DET
fbem-26270	22	38	western	western	ADJ
fbem-26270	22	39	-	-	PUNCT
fbem-26270	22	40	style	style	NOUN
fbem-26270	22	41	financial	financial	ADJ
fbem-26270	22	42	crisis	crisis	NOUN
fbem-26270	22	43	.	.	PUNCT
fbem-26270	23	1	however	however	ADV
fbem-26270	23	2	,	,	PUNCT
fbem-26270	23	3	servicing	servicing	NOUN
fbem-26270	23	4	lgfv	lgfv	NOUN
fbem-26270	23	5	debt	debt	NOUN
fbem-26270	23	6	is	be	AUX
fbem-26270	23	7	becoming	become	VERB
fbem-26270	23	8	increasingly	increasingly	ADV
fbem-26270	23	9	difficult	difficult	ADJ
fbem-26270	23	10	,	,	PUNCT
fbem-26270	23	11	especially	especially	ADV
fbem-26270	23	12	as	as	SCONJ
fbem-26270	23	13	property	property	NOUN
fbem-26270	23	14	markets	market	NOUN
fbem-26270	23	15	cool	cool	ADJ
fbem-26270	23	16	.	.	PUNCT
fbem-26270	24	1	although	although	SCONJ
fbem-26270	24	2	policies	policy	NOUN
fbem-26270	24	3	such	such	ADJ
fbem-26270	24	4	as	as	ADP
fbem-26270	24	5	increased	increase	VERB
fbem-26270	24	6	revenue	revenue	NOUN
fbem-26270	24	7	transfers	transfer	NOUN
fbem-26270	24	8	from	from	ADP
fbem-26270	24	9	the	the	DET
fbem-26270	24	10	central	central	ADJ
fbem-26270	24	11	government	government	NOUN
fbem-26270	24	12	or	or	CCONJ
fbem-26270	24	13	the	the	DET
fbem-26270	24	14	introduction	introduction	NOUN
fbem-26270	24	15	of	of	ADP
fbem-26270	24	16	local	local	ADJ
fbem-26270	24	17	property	property	NOUN
fbem-26270	24	18	taxes	taxis	NOUN
fbem-26270	24	19	could	could	AUX
fbem-26270	24	20	help	help	VERB
fbem-26270	24	21	address	address	VERB
fbem-26270	24	22	these	these	DET
fbem-26270	24	23	issues	issue	NOUN
fbem-26270	24	24	,	,	PUNCT
fbem-26270	24	25	they	they	PRON
fbem-26270	24	26	are	be	AUX
fbem-26270	24	27	complex	complex	ADJ
fbem-26270	24	28	to	to	PART
fbem-26270	24	29	implement	implement	VERB
fbem-26270	24	30	amid	amid	ADP
fbem-26270	24	31	a	a	DET
fbem-26270	24	32	broader	broad	ADJ
fbem-26270	24	33	economic	economic	ADJ
fbem-26270	24	34	slowdown	slowdown	NOUN
fbem-26270	24	35	.	.	PUNCT
fbem-26270	25	1	moreover	moreover	ADV
fbem-26270	25	2	,	,	PUNCT
fbem-26270	25	3	china	china	PROPN
fbem-26270	25	4	's	's	PART
fbem-26270	25	5	households	household	NOUN
fbem-26270	25	6	have	have	VERB
fbem-26270	25	7	a	a	DET
fbem-26270	25	8	significant	significant	ADJ
fbem-26270	25	9	portion	portion	NOUN
fbem-26270	25	10	of	of	ADP
fbem-26270	25	11	their	their	PRON
fbem-26270	25	12	wealth	wealth	NOUN
fbem-26270	25	13	tied	tie	VERB
fbem-26270	25	14	up	up	ADP
fbem-26270	25	15	in	in	ADP
fbem-26270	25	16	real	real	ADJ
fbem-26270	25	17	estate	estate	NOUN
fbem-26270	25	18	,	,	PUNCT
fbem-26270	25	19	complicating	complicate	VERB
fbem-26270	25	20	the	the	DET
fbem-26270	25	21	adjustment	adjustment	NOUN
fbem-26270	25	22	process	process	NOUN
fbem-26270	25	23	.	.	PUNCT
fbem-26270	26	1	nevertheless	nevertheless	ADV
fbem-26270	26	2	,	,	PUNCT
fbem-26270	26	3	china	china	PROPN
fbem-26270	26	4	's	's	PART
fbem-26270	26	5	historical	historical	ADJ
fbem-26270	26	6	success	success	NOUN
fbem-26270	26	7	in	in	ADP
fbem-26270	26	8	navigating	navigate	VERB
fbem-26270	26	9	economic	economic	ADJ
fbem-26270	26	10	challenges	challenge	NOUN
fbem-26270	26	11	has	have	AUX
fbem-26270	26	12	led	lead	VERB
fbem-26270	26	13	some	some	DET
fbem-26270	26	14	experts	expert	NOUN
fbem-26270	26	15	to	to	PART
fbem-26270	26	16	remain	remain	VERB
fbem-26270	26	17	optimistic	optimistic	ADJ
fbem-26270	26	18	about	about	ADP
fbem-26270	26	19	the	the	DET
fbem-26270	26	20	country	country	NOUN
fbem-26270	26	21	's	's	PART
fbem-26270	26	22	ability	ability	NOUN
fbem-26270	26	23	to	to	PART
fbem-26270	26	24	avoid	avoid	VERB
fbem-26270	26	25	a	a	DET
fbem-26270	26	26	sharp	sharp	ADJ
fbem-26270	26	27	downturn	downturn	NOUN
fbem-26270	26	28	or	or	CCONJ
fbem-26270	26	29	financial	financial	ADJ
fbem-26270	26	30	crisis	crisis	NOUN
fbem-26270	26	31	[	[	X
fbem-26270	26	32	9	9	NUM
fbem-26270	26	33	-	-	SYM
fbem-26270	26	34	11	11	NUM
fbem-26270	26	35	]	]	PUNCT
fbem-26270	26	36	.	.	PUNCT
fbem-26270	27	1	the	the	DET
fbem-26270	27	2	first	first	ADJ
fbem-26270	27	3	section	section	NOUN
fbem-26270	27	4	of	of	ADP
fbem-26270	27	5	this	this	DET
fbem-26270	27	6	paper	paper	NOUN
fbem-26270	27	7	examines	examine	VERB
fbem-26270	27	8	the	the	DET
fbem-26270	27	9	growing	grow	VERB
fbem-26270	27	10	share	share	NOUN
fbem-26270	27	11	of	of	ADP
fbem-26270	27	12	china	china	PROPN
fbem-26270	27	13	's	's	PART
fbem-26270	27	14	real	real	ADJ
fbem-26270	27	15	estate	estate	NOUN
fbem-26270	27	16	and	and	CCONJ
fbem-26270	27	17	infrastructure	infrastructure	NOUN
fbem-26270	27	18	sectors	sector	NOUN
fbem-26270	27	19	in	in	ADP
fbem-26270	27	20	gdp	gdp	NOUN
fbem-26270	27	21	since	since	SCONJ
fbem-26270	27	22	2000	2000	NUM
fbem-26270	27	23	.	.	PUNCT
fbem-26270	28	1	by	by	ADP
fbem-26270	28	2	comparing	compare	VERB
fbem-26270	28	3	china	china	PROPN
fbem-26270	28	4	to	to	ADP
fbem-26270	28	5	various	various	ADJ
fbem-26270	28	6	oecd	oecd	PROPN
fbem-26270	28	7	countries	country	NOUN
fbem-26270	28	8	,	,	PUNCT
fbem-26270	28	9	it	it	PRON
fbem-26270	28	10	becomes	become	VERB
fbem-26270	28	11	clear	clear	ADJ
fbem-26270	28	12	that	that	SCONJ
fbem-26270	28	13	only	only	ADV
fbem-26270	28	14	spain	spain	PROPN
fbem-26270	28	15	,	,	PUNCT
fbem-26270	28	16	prior	prior	ADV
fbem-26270	28	17	to	to	ADP
fbem-26270	28	18	the	the	DET
fbem-26270	28	19	global	global	ADJ
fbem-26270	28	20	financial	financial	ADJ
fbem-26270	28	21	crisis	crisis	NOUN
fbem-26270	28	22	,	,	PUNCT
fbem-26270	28	23	had	have	VERB
fbem-26270	28	24	a	a	DET
fbem-26270	28	25	similar	similar	ADJ
fbem-26270	28	26	level	level	NOUN
fbem-26270	28	27	of	of	ADP
fbem-26270	28	28	investment	investment	NOUN
fbem-26270	28	29	in	in	ADP
fbem-26270	28	30	these	these	DET
fbem-26270	28	31	sectors	sector	NOUN
fbem-26270	28	32	.	.	PUNCT
fbem-26270	29	1	we	we	PRON
fbem-26270	29	2	also	also	ADV
fbem-26270	29	3	highlight	highlight	VERB
fbem-26270	29	4	how	how	SCONJ
fbem-26270	29	5	china	china	PROPN
fbem-26270	29	6	's	's	PART
fbem-26270	29	7	per	per	ADP
fbem-26270	29	8	capita	capita	NOUN
fbem-26270	29	9	floor	floor	NOUN
fbem-26270	29	10	space	space	NOUN
fbem-26270	29	11	has	have	AUX
fbem-26270	29	12	nearly	nearly	ADV
fbem-26270	29	13	caught	catch	VERB
fbem-26270	29	14	up	up	ADP
fbem-26270	29	15	to	to	ADP
fbem-26270	29	16	that	that	PRON
fbem-26270	29	17	of	of	ADP
fbem-26270	29	18	the	the	DET
fbem-26270	29	19	united	united	PROPN
fbem-26270	29	20	states	states	PROPN
fbem-26270	29	21	and	and	CCONJ
fbem-26270	29	22	other	other	ADJ
fbem-26270	29	23	developed	develop	VERB
fbem-26270	29	24	countries	country	NOUN
fbem-26270	29	25	,	,	PUNCT
fbem-26270	29	26	emphasizing	emphasize	VERB
fbem-26270	29	27	the	the	DET
fbem-26270	29	28	scale	scale	NOUN
fbem-26270	29	29	of	of	ADP
fbem-26270	29	30	the	the	DET
fbem-26270	29	31	country	country	NOUN
fbem-26270	29	32	's	's	PART
fbem-26270	29	33	construction	construction	NOUN
fbem-26270	29	34	boom	boom	NOUN
fbem-26270	29	35	.	.	PUNCT
fbem-26270	30	1	when	when	SCONJ
fbem-26270	30	2	infrastructure	infrastructure	NOUN
fbem-26270	30	3	investments	investment	NOUN
fbem-26270	30	4	are	be	AUX
fbem-26270	30	5	included	include	VERB
fbem-26270	30	6	,	,	PUNCT
fbem-26270	30	7	china	china	PROPN
fbem-26270	30	8	's	's	PART
fbem-26270	30	9	buildup	buildup	NOUN
fbem-26270	30	10	is	be	AUX
fbem-26270	30	11	even	even	ADV
fbem-26270	30	12	more	more	ADV
fbem-26270	30	13	striking	striking	ADJ
fbem-26270	30	14	.	.	PUNCT
fbem-26270	31	1	in	in	ADP
fbem-26270	31	2	the	the	DET
fbem-26270	31	3	following	following	ADJ
fbem-26270	31	4	section	section	NOUN
fbem-26270	31	5	,	,	PUNCT
fbem-26270	31	6	this	this	DET
fbem-26270	31	7	paper	paper	NOUN
fbem-26270	31	8	leverages	leverage	VERB
fbem-26270	31	9	a	a	DET
fbem-26270	31	10	newly	newly	ADV
fbem-26270	31	11	-	-	PUNCT
fbem-26270	31	12	developed	develop	VERB
fbem-26270	31	13	city	city	NOUN
fbem-26270	31	14	-	-	PUNCT
fbem-26270	31	15	level	level	NOUN
fbem-26270	31	16	database	database	NOUN
fbem-26270	31	17	that	that	PRON
fbem-26270	31	18	provides	provide	VERB
fbem-26270	31	19	detailed	detailed	ADJ
fbem-26270	31	20	insights	insight	NOUN
fbem-26270	31	21	into	into	ADP
fbem-26270	31	22	the	the	DET
fbem-26270	31	23	stock	stock	NOUN
fbem-26270	31	24	of	of	ADP
fbem-26270	31	25	housing	housing	NOUN
fbem-26270	31	26	and	and	CCONJ
fbem-26270	31	27	real	real	ADJ
fbem-26270	31	28	estate	estate	NOUN
fbem-26270	31	29	investments	investment	NOUN
fbem-26270	31	30	,	,	PUNCT
fbem-26270	31	31	with	with	ADP
fbem-26270	31	32	a	a	DET
fbem-26270	31	33	breakdown	breakdown	NOUN
fbem-26270	31	34	by	by	ADP
fbem-26270	31	35	city	city	NOUN
fbem-26270	31	36	tier	tier	NOUN
fbem-26270	31	37	.	.	PUNCT
fbem-26270	32	1	the	the	DET
fbem-26270	32	2	data	datum	NOUN
fbem-26270	32	3	reveals	reveal	VERB
fbem-26270	32	4	that	that	SCONJ
fbem-26270	32	5	housing	housing	NOUN
fbem-26270	32	6	construction	construction	NOUN
fbem-26270	32	7	growth	growth	NOUN
fbem-26270	32	8	has	have	AUX
fbem-26270	32	9	been	be	AUX
fbem-26270	32	10	especially	especially	ADV
fbem-26270	32	11	pronounced	pronounce	VERB
fbem-26270	32	12	in	in	ADP
fbem-26270	32	13	china	china	PROPN
fbem-26270	32	14	's	's	PART
fbem-26270	32	15	smaller	small	ADJ
fbem-26270	32	16	,	,	PUNCT
fbem-26270	32	17	less	less	ADV
fbem-26270	32	18	affluent	affluent	ADJ
fbem-26270	32	19	cities	city	NOUN
fbem-26270	32	20	,	,	PUNCT
fbem-26270	32	21	which	which	PRON
fbem-26270	32	22	are	be	AUX
fbem-26270	32	23	categorized	categorize	VERB
fbem-26270	32	24	here	here	ADV
fbem-26270	32	25	as	as	ADP
fbem-26270	32	26	tier	tier	NOUN
fbem-26270	32	27	3	3	NUM
fbem-26270	32	28	cities	city	NOUN
fbem-26270	32	29	.	.	PUNCT
fbem-26270	33	1	these	these	DET
fbem-26270	33	2	cities	city	NOUN
fbem-26270	33	3	,	,	PUNCT
fbem-26270	33	4	located	locate	VERB
fbem-26270	33	5	outside	outside	ADP
fbem-26270	33	6	the	the	DET
fbem-26270	33	7	top	top	ADJ
fbem-26270	33	8	two	two	NUM
fbem-26270	33	9	tiers	tier	NOUN
fbem-26270	33	10	,	,	PUNCT
fbem-26270	33	11	have	have	AUX
fbem-26270	33	12	seen	see	VERB
fbem-26270	33	13	a	a	DET
fbem-26270	33	14	substantial	substantial	ADJ
fbem-26270	33	15	increase	increase	NOUN
fbem-26270	33	16	in	in	ADP
fbem-26270	33	17	per	per	ADP
fbem-26270	33	18	capita	capita	NOUN
fbem-26270	33	19	floor	floor	NOUN
fbem-26270	33	20	space	space	NOUN
fbem-26270	33	21	.	.	PUNCT
fbem-26270	34	1	we	we	PRON
fbem-26270	34	2	then	then	ADV
fbem-26270	34	3	present	present	VERB
fbem-26270	34	4	formal	formal	ADJ
fbem-26270	34	5	evidence	evidence	NOUN
fbem-26270	34	6	showing	show	VERB
fbem-26270	34	7	that	that	SCONJ
fbem-26270	34	8	as	as	SCONJ
fbem-26270	34	9	housing	housing	NOUN
fbem-26270	34	10	capital	capital	NOUN
fbem-26270	34	11	has	have	AUX
fbem-26270	34	12	expanded	expand	VERB
fbem-26270	34	13	in	in	ADP
fbem-26270	34	14	individual	individual	ADJ
fbem-26270	34	15	cities	city	NOUN
fbem-26270	34	16	,	,	PUNCT
fbem-26270	34	17	the	the	DET
fbem-26270	34	18	marginal	marginal	ADJ
fbem-26270	34	19	growth	growth	NOUN
fbem-26270	34	20	benefits	benefit	NOUN
fbem-26270	34	21	of	of	ADP
fbem-26270	34	22	further	further	ADJ
fbem-26270	34	23	real	real	ADJ
fbem-26270	34	24	estate	estate	NOUN
fbem-26270	34	25	investment	investment	NOUN
fbem-26270	34	26	have	have	AUX
fbem-26270	34	27	diminished	diminish	VERB
fbem-26270	34	28	,	,	PUNCT
fbem-26270	34	29	confirming	confirm	VERB
fbem-26270	34	30	the	the	DET
fbem-26270	34	31	trend	trend	NOUN
fbem-26270	34	32	of	of	ADP
fbem-26270	34	33	diminishing	diminish	VERB
fbem-26270	34	34	returns	return	NOUN
fbem-26270	34	35	.	.	PUNCT
fbem-26270	35	1	additionally	additionally	ADV
fbem-26270	35	2	,	,	PUNCT
fbem-26270	35	3	recent	recent	ADJ
fbem-26270	35	4	studies	study	NOUN
fbem-26270	35	5	indicate	indicate	VERB
fbem-26270	35	6	that	that	SCONJ
fbem-26270	35	7	cities	city	NOUN
fbem-26270	35	8	with	with	ADP
fbem-26270	35	9	higher	high	ADJ
fbem-26270	35	10	levels	level	NOUN
fbem-26270	35	11	of	of	ADP
fbem-26270	35	12	real	real	ADJ
fbem-26270	35	13	estate	estate	NOUN
fbem-26270	35	14	investment	investment	NOUN
fbem-26270	35	15	are	be	AUX
fbem-26270	35	16	also	also	ADV
fbem-26270	35	17	experiencing	experience	VERB
fbem-26270	35	18	a	a	DET
fbem-26270	35	19	significant	significant	ADJ
fbem-26270	35	20	buildup	buildup	NOUN
fbem-26270	35	21	of	of	ADP
fbem-26270	35	22	local	local	ADJ
fbem-26270	35	23	debt	debt	NOUN
fbem-26270	35	24	,	,	PUNCT
fbem-26270	35	25	exacerbating	exacerbate	VERB
fbem-26270	35	26	financial	financial	ADJ
fbem-26270	35	27	strain	strain	NOUN
fbem-26270	35	28	.	.	PUNCT
fbem-26270	36	1	the	the	DET
fbem-26270	36	2	paper	paper	NOUN
fbem-26270	36	3	also	also	ADV
fbem-26270	36	4	expands	expand	VERB
fbem-26270	36	5	the	the	DET
fbem-26270	36	6	analysis	analysis	NOUN
fbem-26270	36	7	to	to	ADP
fbem-26270	36	8	commercial	commercial	ADJ
fbem-26270	36	9	real	real	ADJ
fbem-26270	36	10	estate	estate	NOUN
fbem-26270	36	11	,	,	PUNCT
fbem-26270	36	12	where	where	SCONJ
fbem-26270	36	13	the	the	DET
fbem-26270	36	14	issues	issue	NOUN
fbem-26270	36	15	in	in	ADP
fbem-26270	36	16	tier	tier	NOUN
fbem-26270	36	17	3	3	NUM
fbem-26270	36	18	cities	city	NOUN
fbem-26270	36	19	are	be	AUX
fbem-26270	36	20	similarly	similarly	ADV
fbem-26270	36	21	evident	evident	ADJ
fbem-26270	36	22	.	.	PUNCT
fbem-26270	37	1	finally	finally	ADV
fbem-26270	37	2	,	,	PUNCT
fbem-26270	37	3	we	we	PRON
fbem-26270	37	4	explore	explore	VERB
fbem-26270	37	5	the	the	DET
fbem-26270	37	6	distribution	distribution	NOUN
fbem-26270	37	7	of	of	ADP
fbem-26270	37	8	infrastructure	infrastructure	NOUN
fbem-26270	37	9	investment	investment	NOUN
fbem-26270	37	10	,	,	PUNCT
fbem-26270	37	11	such	such	ADJ
fbem-26270	37	12	as	as	ADP
fbem-26270	37	13	roads	road	NOUN
fbem-26270	37	14	,	,	PUNCT
fbem-26270	37	15	sewer	sewer	NOUN
fbem-26270	37	16	systems	system	NOUN
fbem-26270	37	17	,	,	PUNCT
fbem-26270	37	18	and	and	CCONJ
fbem-26270	37	19	high	high	ADJ
fbem-26270	37	20	-	-	PUNCT
fbem-26270	37	21	speed	speed	NOUN
fbem-26270	37	22	rail	rail	NOUN
fbem-26270	37	23	.	.	PUNCT
fbem-26270	38	1	these	these	DET
fbem-26270	38	2	investments	investment	NOUN
fbem-26270	38	3	have	have	AUX
fbem-26270	38	4	also	also	ADV
fbem-26270	38	5	been	be	AUX
fbem-26270	38	6	heavily	heavily	ADV
fbem-26270	38	7	concentrated	concentrated	ADJ
fbem-26270	38	8	in	in	ADP
fbem-26270	38	9	tier	tier	NOUN
fbem-26270	38	10	3	3	NUM
fbem-26270	38	11	cities	city	NOUN
fbem-26270	38	12	,	,	PUNCT
fbem-26270	38	13	raising	raise	VERB
fbem-26270	38	14	concerns	concern	NOUN
fbem-26270	38	15	about	about	ADP
fbem-26270	38	16	their	their	PRON
fbem-26270	38	17	long	long	ADJ
fbem-26270	38	18	-	-	PUNCT
fbem-26270	38	19	term	term	NOUN
fbem-26270	38	20	sustainability	sustainability	NOUN
fbem-26270	38	21	.	.	PUNCT
fbem-26270	39	1	266	266	NUM
fbem-26270	39	2	the	the	DET
fbem-26270	39	3	final	final	ADJ
fbem-26270	39	4	section	section	NOUN
fbem-26270	39	5	provides	provide	VERB
fbem-26270	39	6	conclusions	conclusion	NOUN
fbem-26270	39	7	based	base	VERB
fbem-26270	39	8	on	on	ADP
fbem-26270	39	9	these	these	DET
fbem-26270	39	10	findings	finding	NOUN
fbem-26270	39	11	.	.	PUNCT
fbem-26270	40	1	2	2	X
fbem-26270	40	2	.	.	X
fbem-26270	40	3	the	the	DET
fbem-26270	40	4	outsize	outsize	ADJ
fbem-26270	40	5	footprint	footprint	NOUN
fbem-26270	40	6	of	of	ADP
fbem-26270	40	7	real	real	ADJ
fbem-26270	40	8	estate	estate	NOUN
fbem-26270	40	9	and	and	CCONJ
fbem-26270	40	10	infrastructure	infrastructure	NOUN
fbem-26270	40	11	in	in	ADP
fbem-26270	40	12	china	china	PROPN
fbem-26270	40	13	china	china	PROPN
fbem-26270	40	14	’s	’s	PART
fbem-26270	40	15	rapid	rapid	ADJ
fbem-26270	40	16	growth	growth	NOUN
fbem-26270	40	17	over	over	ADP
fbem-26270	40	18	the	the	DET
fbem-26270	40	19	past	past	ADJ
fbem-26270	40	20	few	few	ADJ
fbem-26270	40	21	decades	decade	NOUN
fbem-26270	40	22	has	have	AUX
fbem-26270	40	23	been	be	AUX
fbem-26270	40	24	closely	closely	ADV
fbem-26270	40	25	tied	tie	VERB
fbem-26270	40	26	to	to	ADP
fbem-26270	40	27	massive	massive	ADJ
fbem-26270	40	28	investments	investment	NOUN
fbem-26270	40	29	in	in	ADP
fbem-26270	40	30	real	real	ADJ
fbem-26270	40	31	estate	estate	NOUN
fbem-26270	40	32	and	and	CCONJ
fbem-26270	40	33	infrastructure	infrastructure	NOUN
fbem-26270	40	34	.	.	PUNCT
fbem-26270	41	1	this	this	DET
fbem-26270	41	2	sector	sector	NOUN
fbem-26270	41	3	's	's	PART
fbem-26270	41	4	outsized	outsized	ADJ
fbem-26270	41	5	presence	presence	NOUN
fbem-26270	41	6	in	in	ADP
fbem-26270	41	7	the	the	DET
fbem-26270	41	8	economy	economy	NOUN
fbem-26270	41	9	is	be	AUX
fbem-26270	41	10	one	one	NUM
fbem-26270	41	11	of	of	ADP
fbem-26270	41	12	the	the	DET
fbem-26270	41	13	most	most	ADV
fbem-26270	41	14	significant	significant	ADJ
fbem-26270	41	15	features	feature	NOUN
fbem-26270	41	16	of	of	ADP
fbem-26270	41	17	the	the	DET
fbem-26270	41	18	country	country	NOUN
fbem-26270	41	19	's	's	PART
fbem-26270	41	20	development	development	NOUN
fbem-26270	41	21	model	model	NOUN
fbem-26270	41	22	.	.	PUNCT
fbem-26270	42	1	beginning	begin	VERB
fbem-26270	42	2	in	in	ADP
fbem-26270	42	3	the	the	DET
fbem-26270	42	4	early	early	ADJ
fbem-26270	42	5	2000s	2000s	NUM
fbem-26270	42	6	,	,	PUNCT
fbem-26270	42	7	a	a	DET
fbem-26270	42	8	considerable	considerable	ADJ
fbem-26270	42	9	portion	portion	NOUN
fbem-26270	42	10	of	of	ADP
fbem-26270	42	11	china	china	PROPN
fbem-26270	42	12	’s	’s	PART
fbem-26270	42	13	gdp	gdp	NOUN
fbem-26270	42	14	has	have	AUX
fbem-26270	42	15	been	be	AUX
fbem-26270	42	16	driven	drive	VERB
fbem-26270	42	17	by	by	ADP
fbem-26270	42	18	the	the	DET
fbem-26270	42	19	expansion	expansion	NOUN
fbem-26270	42	20	of	of	ADP
fbem-26270	42	21	both	both	CCONJ
fbem-26270	42	22	residential	residential	ADJ
fbem-26270	42	23	and	and	CCONJ
fbem-26270	42	24	commercial	commercial	ADJ
fbem-26270	42	25	real	real	ADJ
fbem-26270	42	26	estate	estate	NOUN
fbem-26270	42	27	,	,	PUNCT
fbem-26270	42	28	along	along	ADP
fbem-26270	42	29	with	with	ADP
fbem-26270	42	30	large	large	ADJ
fbem-26270	42	31	-	-	PUNCT
fbem-26270	42	32	scale	scale	NOUN
fbem-26270	42	33	infrastructure	infrastructure	NOUN
fbem-26270	42	34	projects	project	NOUN
fbem-26270	42	35	like	like	ADP
fbem-26270	42	36	roads	road	NOUN
fbem-26270	42	37	,	,	PUNCT
fbem-26270	42	38	railways	railway	NOUN
fbem-26270	42	39	,	,	PUNCT
fbem-26270	42	40	and	and	CCONJ
fbem-26270	42	41	urban	urban	ADJ
fbem-26270	42	42	utilities	utility	NOUN
fbem-26270	42	43	.	.	PUNCT
fbem-26270	43	1	in	in	ADP
fbem-26270	43	2	many	many	ADJ
fbem-26270	43	3	areas	area	NOUN
fbem-26270	43	4	,	,	PUNCT
fbem-26270	43	5	the	the	DET
fbem-26270	43	6	scale	scale	NOUN
fbem-26270	43	7	of	of	ADP
fbem-26270	43	8	construction	construction	NOUN
fbem-26270	43	9	has	have	AUX
fbem-26270	43	10	reached	reach	VERB
fbem-26270	43	11	or	or	CCONJ
fbem-26270	43	12	even	even	ADV
fbem-26270	43	13	surpassed	surpass	VERB
fbem-26270	43	14	levels	level	NOUN
fbem-26270	43	15	seen	see	VERB
fbem-26270	43	16	in	in	ADP
fbem-26270	43	17	advanced	advanced	ADJ
fbem-26270	43	18	western	western	ADJ
fbem-26270	43	19	economies	economy	NOUN
fbem-26270	43	20	.	.	PUNCT
fbem-26270	44	1	real	real	ADJ
fbem-26270	44	2	estate	estate	NOUN
fbem-26270	44	3	,	,	PUNCT
fbem-26270	44	4	in	in	ADP
fbem-26270	44	5	particular	particular	ADJ
fbem-26270	44	6	,	,	PUNCT
fbem-26270	44	7	has	have	AUX
fbem-26270	44	8	accounted	account	VERB
fbem-26270	44	9	for	for	ADP
fbem-26270	44	10	a	a	DET
fbem-26270	44	11	staggering	staggering	ADJ
fbem-26270	44	12	share	share	NOUN
fbem-26270	44	13	of	of	ADP
fbem-26270	44	14	china	china	PROPN
fbem-26270	44	15	’s	’s	PART
fbem-26270	44	16	economic	economic	ADJ
fbem-26270	44	17	activity	activity	NOUN
fbem-26270	44	18	,	,	PUNCT
fbem-26270	44	19	with	with	ADP
fbem-26270	44	20	estimates	estimate	NOUN
fbem-26270	44	21	indicating	indicate	VERB
fbem-26270	44	22	that	that	SCONJ
fbem-26270	44	23	its	its	PRON
fbem-26270	44	24	direct	direct	ADJ
fbem-26270	44	25	and	and	CCONJ
fbem-26270	44	26	indirect	indirect	ADJ
fbem-26270	44	27	impact	impact	NOUN
fbem-26270	44	28	represented	represent	VERB
fbem-26270	44	29	over	over	ADP
fbem-26270	44	30	30	30	NUM
fbem-26270	44	31	%	%	NOUN
fbem-26270	44	32	of	of	ADP
fbem-26270	44	33	gdp	gdp	NOUN
fbem-26270	44	34	at	at	ADP
fbem-26270	44	35	its	its	PRON
fbem-26270	44	36	peak	peak	NOUN
fbem-26270	44	37	[	[	X
fbem-26270	44	38	12	12	NUM
fbem-26270	44	39	]	]	PUNCT
fbem-26270	44	40	.	.	PUNCT
fbem-26270	45	1	this	this	PRON
fbem-26270	45	2	includes	include	VERB
fbem-26270	45	3	not	not	PART
fbem-26270	45	4	only	only	ADV
fbem-26270	45	5	the	the	DET
fbem-26270	45	6	buildings	building	NOUN
fbem-26270	45	7	themselves	themselves	PRON
fbem-26270	45	8	but	but	CCONJ
fbem-26270	45	9	the	the	DET
fbem-26270	45	10	related	relate	VERB
fbem-26270	45	11	services	service	NOUN
fbem-26270	45	12	and	and	CCONJ
fbem-26270	45	13	industries	industry	NOUN
fbem-26270	45	14	that	that	PRON
fbem-26270	45	15	rely	rely	VERB
fbem-26270	45	16	on	on	ADP
fbem-26270	45	17	real	real	ADJ
fbem-26270	45	18	estate	estate	NOUN
fbem-26270	45	19	development	development	NOUN
fbem-26270	45	20	.	.	PUNCT
fbem-26270	46	1	however	however	ADV
fbem-26270	46	2	,	,	PUNCT
fbem-26270	46	3	as	as	SCONJ
fbem-26270	46	4	china	china	PROPN
fbem-26270	46	5	continues	continue	VERB
fbem-26270	46	6	to	to	PART
fbem-26270	46	7	urbanize	urbanize	VERB
fbem-26270	46	8	and	and	CCONJ
fbem-26270	46	9	develop	develop	VERB
fbem-26270	46	10	,	,	PUNCT
fbem-26270	46	11	questions	question	NOUN
fbem-26270	46	12	have	have	AUX
fbem-26270	46	13	emerged	emerge	VERB
fbem-26270	46	14	regarding	regard	VERB
fbem-26270	46	15	the	the	DET
fbem-26270	46	16	sustainability	sustainability	NOUN
fbem-26270	46	17	of	of	ADP
fbem-26270	46	18	this	this	DET
fbem-26270	46	19	real	real	ADJ
fbem-26270	46	20	estateand	estateand	ADJ
fbem-26270	46	21	infrastructure	infrastructure	NOUN
fbem-26270	46	22	-	-	PUNCT
fbem-26270	46	23	heavy	heavy	ADJ
fbem-26270	46	24	growth	growth	NOUN
fbem-26270	46	25	model	model	NOUN
fbem-26270	46	26	[	[	X
fbem-26270	46	27	13	13	NUM
fbem-26270	46	28	]	]	PUNCT
fbem-26270	46	29	.	.	PUNCT
fbem-26270	47	1	the	the	DET
fbem-26270	47	2	diminishing	diminishing	NOUN
fbem-26270	47	3	returns	return	NOUN
fbem-26270	47	4	on	on	ADP
fbem-26270	47	5	investment	investment	NOUN
fbem-26270	47	6	are	be	AUX
fbem-26270	47	7	becoming	become	VERB
fbem-26270	47	8	more	more	ADV
fbem-26270	47	9	apparent	apparent	ADJ
fbem-26270	47	10	,	,	PUNCT
fbem-26270	47	11	especially	especially	ADV
fbem-26270	47	12	as	as	SCONJ
fbem-26270	47	13	housing	housing	NOUN
fbem-26270	47	14	and	and	CCONJ
fbem-26270	47	15	infrastructure	infrastructure	NOUN
fbem-26270	47	16	capacity	capacity	NOUN
fbem-26270	47	17	in	in	ADP
fbem-26270	47	18	many	many	ADJ
fbem-26270	47	19	regions	region	NOUN
fbem-26270	47	20	,	,	PUNCT
fbem-26270	47	21	particularly	particularly	ADV
fbem-26270	47	22	in	in	ADP
fbem-26270	47	23	smaller	small	ADJ
fbem-26270	47	24	and	and	CCONJ
fbem-26270	47	25	lower	low	ADJ
fbem-26270	47	26	-	-	PUNCT
fbem-26270	47	27	tier	tier	NOUN
fbem-26270	47	28	cities	city	NOUN
fbem-26270	47	29	,	,	PUNCT
fbem-26270	47	30	approaches	approach	VERB
fbem-26270	47	31	saturation	saturation	NOUN
fbem-26270	47	32	.	.	PUNCT
fbem-26270	48	1	these	these	DET
fbem-26270	48	2	cities	city	NOUN
fbem-26270	48	3	have	have	AUX
fbem-26270	48	4	been	be	AUX
fbem-26270	48	5	disproportionately	disproportionately	ADV
fbem-26270	48	6	targeted	target	VERB
fbem-26270	48	7	for	for	ADP
fbem-26270	48	8	real	real	ADJ
fbem-26270	48	9	estate	estate	NOUN
fbem-26270	48	10	and	and	CCONJ
fbem-26270	48	11	infrastructure	infrastructure	NOUN
fbem-26270	48	12	investment	investment	NOUN
fbem-26270	48	13	,	,	PUNCT
fbem-26270	48	14	but	but	CCONJ
fbem-26270	48	15	the	the	DET
fbem-26270	48	16	payoff	payoff	NOUN
fbem-26270	48	17	in	in	ADP
fbem-26270	48	18	terms	term	NOUN
fbem-26270	48	19	of	of	ADP
fbem-26270	48	20	economic	economic	ADJ
fbem-26270	48	21	growth	growth	NOUN
fbem-26270	48	22	is	be	AUX
fbem-26270	48	23	diminishing	diminish	VERB
fbem-26270	48	24	,	,	PUNCT
fbem-26270	48	25	raising	raise	VERB
fbem-26270	48	26	concerns	concern	NOUN
fbem-26270	48	27	about	about	ADP
fbem-26270	48	28	over	over	ADP
fbem-26270	48	29	-	-	PUNCT
fbem-26270	48	30	investment	investment	NOUN
fbem-26270	49	1	[	[	X
fbem-26270	49	2	14	14	NUM
fbem-26270	49	3	,	,	PUNCT
fbem-26270	49	4	15	15	NUM
fbem-26270	49	5	]	]	PUNCT
fbem-26270	49	6	.	.	PUNCT
fbem-26270	50	1	china	china	PROPN
fbem-26270	50	2	’s	’s	PART
fbem-26270	50	3	real	real	ADJ
fbem-26270	50	4	estate	estate	NOUN
fbem-26270	50	5	sector	sector	NOUN
fbem-26270	50	6	holds	hold	VERB
fbem-26270	50	7	an	an	DET
fbem-26270	50	8	immense	immense	ADJ
fbem-26270	50	9	and	and	CCONJ
fbem-26270	50	10	influential	influential	ADJ
fbem-26270	50	11	position	position	NOUN
fbem-26270	50	12	within	within	ADP
fbem-26270	50	13	its	its	PRON
fbem-26270	50	14	economy	economy	NOUN
fbem-26270	50	15	.	.	PUNCT
fbem-26270	51	1	in	in	ADP
fbem-26270	51	2	2021	2021	NUM
fbem-26270	51	3	,	,	PUNCT
fbem-26270	51	4	the	the	DET
fbem-26270	51	5	direct	direct	ADJ
fbem-26270	51	6	contribution	contribution	NOUN
fbem-26270	51	7	of	of	ADP
fbem-26270	51	8	the	the	DET
fbem-26270	51	9	real	real	ADJ
fbem-26270	51	10	estate	estate	NOUN
fbem-26270	51	11	construction	construction	NOUN
fbem-26270	51	12	sector	sector	NOUN
fbem-26270	51	13	to	to	ADP
fbem-26270	51	14	gdp	gdp	NOUN
fbem-26270	51	15	was	be	AUX
fbem-26270	51	16	nearly	nearly	ADV
fbem-26270	51	17	5	5	NUM
fbem-26270	51	18	%	%	NOUN
fbem-26270	51	19	,	,	PUNCT
fbem-26270	51	20	with	with	ADP
fbem-26270	51	21	real	real	ADJ
fbem-26270	51	22	estate	estate	NOUN
fbem-26270	51	23	services	service	NOUN
fbem-26270	51	24	adding	add	VERB
fbem-26270	51	25	an	an	DET
fbem-26270	51	26	additional	additional	ADJ
fbem-26270	51	27	7	7	NUM
fbem-26270	51	28	%	%	NOUN
fbem-26270	51	29	.	.	PUNCT
fbem-26270	52	1	however	however	ADV
fbem-26270	52	2	,	,	PUNCT
fbem-26270	52	3	when	when	SCONJ
fbem-26270	52	4	considering	consider	VERB
fbem-26270	52	5	the	the	DET
fbem-26270	52	6	entire	entire	ADJ
fbem-26270	52	7	economic	economic	ADJ
fbem-26270	52	8	impact	impact	NOUN
fbem-26270	52	9	,	,	PUNCT
fbem-26270	52	10	including	include	VERB
fbem-26270	52	11	upstream	upstream	ADJ
fbem-26270	52	12	industries	industry	NOUN
fbem-26270	52	13	linked	link	VERB
fbem-26270	52	14	to	to	ADP
fbem-26270	52	15	real	real	ADJ
fbem-26270	52	16	estate	estate	NOUN
fbem-26270	52	17	development	development	NOUN
fbem-26270	52	18	and	and	CCONJ
fbem-26270	52	19	using	use	VERB
fbem-26270	52	20	china	china	PROPN
fbem-26270	52	21	’s	’s	PART
fbem-26270	52	22	2019	2019	NUM
fbem-26270	52	23	input	input	NOUN
fbem-26270	52	24	-	-	PUNCT
fbem-26270	52	25	output	output	NOUN
fbem-26270	52	26	table	table	NOUN
fbem-26270	52	27	,	,	PUNCT
fbem-26270	52	28	the	the	DET
fbem-26270	52	29	sector	sector	NOUN
fbem-26270	52	30	accounted	account	VERB
fbem-26270	52	31	for	for	ADP
fbem-26270	52	32	approximately	approximately	ADV
fbem-26270	52	33	22	22	NUM
fbem-26270	52	34	%	%	NOUN
fbem-26270	52	35	of	of	ADP
fbem-26270	52	36	gdp	gdp	NOUN
fbem-26270	52	37	.	.	PUNCT
fbem-26270	53	1	when	when	SCONJ
fbem-26270	53	2	imported	import	VERB
fbem-26270	53	3	content	content	NOUN
fbem-26270	53	4	is	be	AUX
fbem-26270	53	5	also	also	ADV
fbem-26270	53	6	considered	consider	VERB
fbem-26270	53	7	,	,	PUNCT
fbem-26270	53	8	this	this	DET
fbem-26270	53	9	figure	figure	NOUN
fbem-26270	53	10	rises	rise	VERB
fbem-26270	53	11	to	to	ADP
fbem-26270	53	12	nearly	nearly	ADV
fbem-26270	53	13	25	25	NUM
fbem-26270	53	14	%	%	NOUN
fbem-26270	53	15	.	.	PUNCT
fbem-26270	54	1	this	this	DET
fbem-26270	54	2	broad	broad	ADJ
fbem-26270	54	3	influence	influence	NOUN
fbem-26270	54	4	reflects	reflect	VERB
fbem-26270	54	5	the	the	DET
fbem-26270	54	6	extensive	extensive	ADJ
fbem-26270	54	7	demand	demand	NOUN
fbem-26270	54	8	that	that	SCONJ
fbem-26270	54	9	real	real	ADJ
fbem-26270	54	10	estate	estate	NOUN
fbem-26270	54	11	creates	create	VERB
fbem-26270	54	12	for	for	ADP
fbem-26270	54	13	materials	material	NOUN
fbem-26270	54	14	,	,	PUNCT
fbem-26270	54	15	services	service	NOUN
fbem-26270	54	16	,	,	PUNCT
fbem-26270	54	17	and	and	CCONJ
fbem-26270	54	18	other	other	ADJ
fbem-26270	54	19	industries	industry	NOUN
fbem-26270	54	20	.	.	PUNCT
fbem-26270	55	1	table	table	NOUN
fbem-26270	55	2	1	1	NUM
fbem-26270	55	3	,	,	PUNCT
fbem-26270	55	4	updated	update	VERB
fbem-26270	55	5	from	from	ADP
fbem-26270	55	6	[	[	X
fbem-26270	55	7	16	16	NUM
fbem-26270	55	8	]	]	PUNCT
fbem-26270	55	9	,	,	PUNCT
fbem-26270	55	10	highlights	highlight	VERB
fbem-26270	55	11	how	how	SCONJ
fbem-26270	55	12	the	the	DET
fbem-26270	55	13	real	real	ADJ
fbem-26270	55	14	estate	estate	NOUN
fbem-26270	55	15	sector	sector	NOUN
fbem-26270	55	16	,	,	PUNCT
fbem-26270	55	17	when	when	SCONJ
fbem-26270	55	18	combined	combine	VERB
fbem-26270	55	19	with	with	ADP
fbem-26270	55	20	infrastructure	infrastructure	NOUN
fbem-26270	55	21	development	development	NOUN
fbem-26270	55	22	,	,	PUNCT
fbem-26270	55	23	forms	form	VERB
fbem-26270	55	24	a	a	DET
fbem-26270	55	25	significant	significant	ADJ
fbem-26270	55	26	portion	portion	NOUN
fbem-26270	55	27	of	of	ADP
fbem-26270	55	28	china	china	PROPN
fbem-26270	55	29	’s	’s	PART
fbem-26270	55	30	total	total	ADJ
fbem-26270	55	31	economic	economic	ADJ
fbem-26270	55	32	activity	activity	NOUN
fbem-26270	55	33	.	.	PUNCT
fbem-26270	56	1	the	the	DET
fbem-26270	56	2	column	column	NOUN
fbem-26270	56	3	marked	mark	VERB
fbem-26270	56	4	"	"	PUNCT
fbem-26270	56	5	total	total	ADJ
fbem-26270	56	6	final	final	ADJ
fbem-26270	56	7	demand	demand	NOUN
fbem-26270	56	8	"	"	PUNCT
fbem-26270	56	9	illustrates	illustrate	VERB
fbem-26270	56	10	the	the	DET
fbem-26270	56	11	share	share	NOUN
fbem-26270	56	12	of	of	ADP
fbem-26270	56	13	gdp	gdp	NOUN
fbem-26270	56	14	that	that	PRON
fbem-26270	56	15	arises	arise	VERB
fbem-26270	56	16	from	from	ADP
fbem-26270	56	17	all	all	DET
fbem-26270	56	18	domestic	domestic	ADJ
fbem-26270	56	19	activities	activity	NOUN
fbem-26270	56	20	tied	tie	VERB
fbem-26270	56	21	to	to	ADP
fbem-26270	56	22	final	final	ADJ
fbem-26270	56	23	demand	demand	NOUN
fbem-26270	56	24	for	for	ADP
fbem-26270	56	25	real	real	ADJ
fbem-26270	56	26	estate	estate	NOUN
fbem-26270	56	27	and	and	CCONJ
fbem-26270	56	28	construction	construction	NOUN
fbem-26270	56	29	.	.	PUNCT
fbem-26270	57	1	this	this	PRON
fbem-26270	57	2	includes	include	VERB
fbem-26270	57	3	the	the	DET
fbem-26270	57	4	value	value	NOUN
fbem-26270	57	5	added	add	VERB
fbem-26270	57	6	by	by	ADP
fbem-26270	57	7	upstream	upstream	ADJ
fbem-26270	57	8	sectors	sector	NOUN
fbem-26270	57	9	such	such	ADJ
fbem-26270	57	10	as	as	ADP
fbem-26270	57	11	material	material	NOUN
fbem-26270	57	12	production	production	NOUN
fbem-26270	57	13	and	and	CCONJ
fbem-26270	57	14	service	service	NOUN
fbem-26270	57	15	industries	industry	NOUN
fbem-26270	57	16	that	that	PRON
fbem-26270	57	17	are	be	AUX
fbem-26270	57	18	closely	closely	ADV
fbem-26270	57	19	connected	connect	VERB
fbem-26270	57	20	to	to	ADP
fbem-26270	57	21	construction	construction	NOUN
fbem-26270	57	22	.	.	PUNCT
fbem-26270	58	1	a	a	DET
fbem-26270	58	2	notable	notable	ADJ
fbem-26270	58	3	aspect	aspect	NOUN
fbem-26270	58	4	of	of	ADP
fbem-26270	58	5	this	this	DET
fbem-26270	58	6	sector	sector	NOUN
fbem-26270	58	7	's	's	PART
fbem-26270	58	8	impact	impact	NOUN
fbem-26270	58	9	is	be	AUX
fbem-26270	58	10	the	the	DET
fbem-26270	58	11	inclusion	inclusion	NOUN
fbem-26270	58	12	of	of	ADP
fbem-26270	58	13	imported	import	VERB
fbem-26270	58	14	components	component	NOUN
fbem-26270	58	15	.	.	PUNCT
fbem-26270	59	1	when	when	SCONJ
fbem-26270	59	2	the	the	DET
fbem-26270	59	3	final	final	ADJ
fbem-26270	59	4	demand	demand	NOUN
fbem-26270	59	5	for	for	ADP
fbem-26270	59	6	real	real	ADJ
fbem-26270	59	7	estate	estate	NOUN
fbem-26270	59	8	is	be	AUX
fbem-26270	59	9	calculated	calculate	VERB
fbem-26270	59	10	with	with	ADP
fbem-26270	59	11	these	these	DET
fbem-26270	59	12	components	component	NOUN
fbem-26270	59	13	,	,	PUNCT
fbem-26270	59	14	it	it	PRON
fbem-26270	59	15	slightly	slightly	ADV
fbem-26270	59	16	reduces	reduce	VERB
fbem-26270	59	17	the	the	DET
fbem-26270	59	18	share	share	NOUN
fbem-26270	59	19	in	in	ADP
fbem-26270	59	20	recent	recent	ADJ
fbem-26270	59	21	years	year	NOUN
fbem-26270	59	22	,	,	PUNCT
fbem-26270	59	23	with	with	ADP
fbem-26270	59	24	a	a	DET
fbem-26270	59	25	peak	peak	NOUN
fbem-26270	59	26	of	of	ADP
fbem-26270	59	27	26	26	NUM
fbem-26270	59	28	%	%	NOUN
fbem-26270	59	29	of	of	ADP
fbem-26270	59	30	gdp	gdp	NOUN
fbem-26270	59	31	in	in	ADP
fbem-26270	59	32	2018	2018	NUM
fbem-26270	59	33	,	,	PUNCT
fbem-26270	59	34	dropping	drop	VERB
fbem-26270	59	35	to	to	ADP
fbem-26270	59	36	24.9	24.9	NUM
fbem-26270	59	37	%	%	NOUN
fbem-26270	59	38	in	in	ADP
fbem-26270	59	39	2020	2020	NUM
fbem-26270	59	40	and	and	CCONJ
fbem-26270	59	41	24.4	24.4	NUM
fbem-26270	59	42	%	%	NOUN
fbem-26270	59	43	in	in	ADP
fbem-26270	59	44	2021	2021	NUM
fbem-26270	59	45	.	.	PUNCT
fbem-26270	60	1	this	this	DET
fbem-26270	60	2	trend	trend	NOUN
fbem-26270	60	3	suggests	suggest	VERB
fbem-26270	60	4	that	that	SCONJ
fbem-26270	60	5	the	the	DET
fbem-26270	60	6	sector	sector	NOUN
fbem-26270	60	7	may	may	AUX
fbem-26270	60	8	be	be	AUX
fbem-26270	60	9	moving	move	VERB
fbem-26270	60	10	past	past	ADP
fbem-26270	60	11	its	its	PRON
fbem-26270	60	12	peak	peak	NOUN
fbem-26270	60	13	,	,	PUNCT
fbem-26270	60	14	with	with	ADP
fbem-26270	60	15	potential	potential	ADJ
fbem-26270	60	16	concerns	concern	NOUN
fbem-26270	60	17	about	about	ADP
fbem-26270	60	18	diminishing	diminish	VERB
fbem-26270	60	19	returns	return	NOUN
fbem-26270	60	20	from	from	ADP
fbem-26270	60	21	continued	continued	ADJ
fbem-26270	60	22	investment	investment	NOUN
fbem-26270	60	23	in	in	ADP
fbem-26270	60	24	real	real	ADJ
fbem-26270	60	25	estate	estate	NOUN
fbem-26270	60	26	and	and	CCONJ
fbem-26270	60	27	infrastructure	infrastructure	NOUN
fbem-26270	60	28	projects	project	NOUN
fbem-26270	60	29	.	.	PUNCT
fbem-26270	61	1	table	table	NOUN
fbem-26270	61	2	1	1	NUM
fbem-26270	61	3	.	.	PUNCT
fbem-26270	62	1	the	the	DET
fbem-26270	62	2	demand	demand	NOUN
fbem-26270	62	3	for	for	ADP
fbem-26270	62	4	real	real	ADJ
fbem-26270	62	5	estate	estate	NOUN
fbem-26270	62	6	and	and	CCONJ
fbem-26270	62	7	infrastructure	infrastructure	NOUN
fbem-26270	62	8	direct	direct	ADJ
fbem-26270	62	9	value	value	NOUN
fbem-26270	62	10	added	add	VERB
fbem-26270	62	11	(	(	PUNCT
fbem-26270	62	12	%	%	INTJ
fbem-26270	62	13	)	)	PUNCT
fbem-26270	62	14	total	total	ADJ
fbem-26270	62	15	final	final	ADJ
fbem-26270	62	16	demand	demand	NOUN
fbem-26270	62	17	(	(	PUNCT
fbem-26270	62	18	%	%	INTJ
fbem-26270	62	19	)	)	PUNCT
fbem-26270	62	20	2016	2016	NUM
fbem-26270	62	21	2017	2017	NUM
fbem-26270	62	22	2018	2018	NUM
fbem-26270	62	23	2019	2019	NUM
fbem-26270	62	24	2020	2020	NUM
fbem-26270	62	25	2021	2021	NUM
fbem-26270	62	26	2016	2016	NUM
fbem-26270	62	27	2017	2017	NUM
fbem-26270	62	28	2018	2018	NUM
fbem-26270	62	29	2019	2019	NUM
fbem-26270	62	30	2020	2020	NUM
fbem-26270	62	31	2021	2021	NUM
fbem-26270	62	32	real	real	ADJ
fbem-26270	62	33	estate	estate	NOUN
fbem-26270	62	34	construction	construction	NOUN
fbem-26270	62	35	5.0	5.0	NUM
fbem-26270	62	36	5.0	5.0	NUM
fbem-26270	62	37	5.0	5.0	NUM
fbem-26270	62	38	5.0	5.0	NUM
fbem-26270	62	39	5.0	5.0	NUM
fbem-26270	62	40	4.9	4.9	NUM
fbem-26270	62	41	17.5	17.5	NUM
fbem-26270	62	42	17.5	17.5	NUM
fbem-26270	62	43	17.5	17.5	NUM
fbem-26270	62	44	17.1	17.1	NUM
fbem-26270	62	45	16.8	16.8	NUM
fbem-26270	62	46	16.5	16.5	NUM
fbem-26270	62	47	real	real	ADJ
fbem-26270	62	48	estate	estate	NOUN
fbem-26270	62	49	services	service	NOUN
fbem-26270	62	50	6.7	6.7	NUM
fbem-26270	62	51	6.9	6.9	NUM
fbem-26270	62	52	7.0	7.0	NUM
fbem-26270	62	53	7.1	7.1	NUM
fbem-26270	62	54	7.2	7.2	NUM
fbem-26270	62	55	6.8	6.8	NUM
fbem-26270	62	56	5.2	5.2	NUM
fbem-26270	62	57	5.3	5.3	NUM
fbem-26270	62	58	5.4	5.4	NUM
fbem-26270	62	59	5.3	5.3	NUM
fbem-26270	62	60	5.4	5.4	NUM
fbem-26270	62	61	5.0	5.0	NUM
fbem-26270	62	62	imported	import	VERB
fbem-26270	62	63	component	component	NOUN
fbem-26270	62	64	2.8	2.8	NUM
fbem-26270	62	65	3.0	3.0	NUM
fbem-26270	62	66	3.1	3.1	NUM
fbem-26270	62	67	2.7	2.7	NUM
fbem-26270	62	68	2.9	2.9	NUM
fbem-26270	62	69	2.9	2.9	NUM
fbem-26270	62	70	total	total	NOUN
fbem-26270	62	71	real	real	ADJ
fbem-26270	62	72	estate	estate	NOUN
fbem-26270	62	73	activity	activity	NOUN
fbem-26270	62	74	11.3	11.3	NUM
fbem-26270	62	75	11.9	11.9	NUM
fbem-26270	62	76	12.4	12.4	NUM
fbem-26270	62	77	12.2	12.2	NUM
fbem-26270	62	78	12.4	12.4	NUM
fbem-26270	62	79	11.6	11.6	NUM
fbem-26270	62	80	25.5	25.5	NUM
fbem-26270	62	81	25.8	25.8	NUM
fbem-26270	62	82	26.0	26.0	NUM
fbem-26270	62	83	25.3	25.3	NUM
fbem-26270	62	84	24.9	24.9	NUM
fbem-26270	62	85	24.4	24.4	NUM
fbem-26270	62	86	infrastructure	infrastructure	NOUN
fbem-26270	62	87	construction	construction	NOUN
fbem-26270	62	88	1.9	1.9	NUM
fbem-26270	62	89	2.0	2.0	NUM
fbem-26270	62	90	2.1	2.1	NUM
fbem-26270	62	91	2.1	2.1	NUM
fbem-26270	62	92	2.2	2.2	NUM
fbem-26270	62	93	2.1	2.1	NUM
fbem-26270	62	94	6.8	6.8	NUM
fbem-26270	62	95	7.0	7.0	NUM
fbem-26270	62	96	7.3	7.3	NUM
fbem-26270	62	97	7.2	7.2	NUM
fbem-26270	62	98	7.5	7.5	NUM
fbem-26270	62	99	7.3	7.3	NUM
fbem-26270	62	100	real	real	ADJ
fbem-26270	62	101	estate	estate	NOUN
fbem-26270	62	102	and	and	CCONJ
fbem-26270	62	103	infrastructure	infrastructure	NOUN
fbem-26270	62	104	contribution	contribution	NOUN
fbem-26270	62	105	to	to	ADP
fbem-26270	62	106	economy	economy	VERB
fbem-26270	62	107	13.2	13.2	NUM
fbem-26270	62	108	13.8	13.8	NUM
fbem-26270	62	109	14.4	14.4	NUM
fbem-26270	62	110	14.3	14.3	NUM
fbem-26270	62	111	14.6	14.6	NUM
fbem-26270	62	112	13.7	13.7	NUM
fbem-26270	62	113	31.3	31.3	NUM
fbem-26270	62	114	32.0	32.0	NUM
fbem-26270	62	115	32.9	32.9	NUM
fbem-26270	62	116	32.5	32.5	NUM
fbem-26270	62	117	32.4	32.4	NUM
fbem-26270	62	118	31.7	31.7	NUM
fbem-26270	62	119	the	the	DET
fbem-26270	62	120	scale	scale	NOUN
fbem-26270	62	121	of	of	ADP
fbem-26270	62	122	china	china	PROPN
fbem-26270	62	123	’s	’s	PART
fbem-26270	62	124	real	real	ADJ
fbem-26270	62	125	estate	estate	NOUN
fbem-26270	62	126	and	and	CCONJ
fbem-26270	62	127	infrastructure	infrastructure	NOUN
fbem-26270	62	128	sectors	sector	NOUN
fbem-26270	62	129	is	be	AUX
fbem-26270	62	130	staggering	staggering	ADJ
fbem-26270	62	131	,	,	PUNCT
fbem-26270	62	132	significantly	significantly	ADV
fbem-26270	62	133	impacting	impact	VERB
fbem-26270	62	134	the	the	DET
fbem-26270	62	135	country	country	NOUN
fbem-26270	62	136	’s	’s	PART
fbem-26270	62	137	economy	economy	NOUN
fbem-26270	62	138	.	.	PUNCT
fbem-26270	63	1	as	as	ADP
fbem-26270	63	2	of	of	ADP
fbem-26270	63	3	2021	2021	NUM
fbem-26270	63	4	,	,	PUNCT
fbem-26270	63	5	the	the	DET
fbem-26270	63	6	direct	direct	ADJ
fbem-26270	63	7	contribution	contribution	NOUN
fbem-26270	63	8	of	of	ADP
fbem-26270	63	9	real	real	ADJ
fbem-26270	63	10	estate	estate	NOUN
fbem-26270	63	11	construction	construction	NOUN
fbem-26270	63	12	to	to	ADP
fbem-26270	63	13	china	china	PROPN
fbem-26270	63	14	’s	’s	PART
fbem-26270	63	15	gdp	gdp	NOUN
fbem-26270	63	16	was	be	AUX
fbem-26270	63	17	just	just	ADV
fbem-26270	63	18	under	under	ADP
fbem-26270	63	19	5	5	NUM
fbem-26270	63	20	%	%	NOUN
fbem-26270	63	21	,	,	PUNCT
fbem-26270	63	22	with	with	ADP
fbem-26270	63	23	real	real	ADJ
fbem-26270	63	24	estate	estate	NOUN
fbem-26270	63	25	services	service	NOUN
fbem-26270	63	26	contributing	contribute	VERB
fbem-26270	63	27	an	an	DET
fbem-26270	63	28	additional	additional	ADJ
fbem-26270	63	29	7	7	NUM
fbem-26270	63	30	%	%	NOUN
fbem-26270	63	31	.	.	PUNCT
fbem-26270	64	1	when	when	SCONJ
fbem-26270	64	2	accounting	account	VERB
fbem-26270	64	3	for	for	ADP
fbem-26270	64	4	the	the	DET
fbem-26270	64	5	entire	entire	ADJ
fbem-26270	64	6	economic	economic	ADJ
fbem-26270	64	7	chain	chain	NOUN
fbem-26270	64	8	,	,	PUNCT
fbem-26270	64	9	including	include	VERB
fbem-26270	64	10	upstream	upstream	ADJ
fbem-26270	64	11	industries	industry	NOUN
fbem-26270	64	12	and	and	CCONJ
fbem-26270	64	13	imported	import	VERB
fbem-26270	64	14	components	component	NOUN
fbem-26270	64	15	,	,	PUNCT
fbem-26270	64	16	real	real	ADJ
fbem-26270	64	17	estate	estate	NOUN
fbem-26270	64	18	and	and	CCONJ
fbem-26270	64	19	associated	associate	VERB
fbem-26270	64	20	sectors	sector	NOUN
fbem-26270	64	21	collectively	collectively	ADV
fbem-26270	64	22	represented	represent	VERB
fbem-26270	64	23	about	about	ADP
fbem-26270	64	24	22	22	NUM
fbem-26270	64	25	%	%	NOUN
fbem-26270	64	26	of	of	ADP
fbem-26270	64	27	gdp	gdp	PROPN
fbem-26270	64	28	.	.	PROPN
fbem-26270	64	29	including	include	VERB
fbem-26270	64	30	infrastructure	infrastructure	NOUN
fbem-26270	64	31	,	,	PUNCT
fbem-26270	64	32	which	which	PRON
fbem-26270	64	33	constitutes	constitute	VERB
fbem-26270	64	34	approximately	approximately	ADV
fbem-26270	64	35	30	30	NUM
fbem-26270	64	36	%	%	NOUN
fbem-26270	64	37	of	of	ADP
fbem-26270	64	38	total	total	ADJ
fbem-26270	64	39	construction	construction	NOUN
fbem-26270	64	40	activities	activity	NOUN
fbem-26270	64	41	,	,	PUNCT
fbem-26270	64	42	the	the	DET
fbem-26270	64	43	combined	combined	ADJ
fbem-26270	64	44	share	share	NOUN
fbem-26270	64	45	of	of	ADP
fbem-26270	64	46	real	real	ADJ
fbem-26270	64	47	estate	estate	NOUN
fbem-26270	64	48	and	and	CCONJ
fbem-26270	64	49	infrastructure	infrastructure	NOUN
fbem-26270	64	50	reaches	reach	VERB
fbem-26270	64	51	over	over	ADP
fbem-26270	64	52	30	30	NUM
fbem-26270	64	53	%	%	NOUN
fbem-26270	64	54	of	of	ADP
fbem-26270	64	55	gdp	gdp	NOUN
fbem-26270	64	56	.	.	PUNCT
fbem-26270	65	1	this	this	PRON
fbem-26270	65	2	is	be	AUX
fbem-26270	65	3	particularly	particularly	ADV
fbem-26270	65	4	notable	notable	ADJ
fbem-26270	65	5	when	when	SCONJ
fbem-26270	65	6	compared	compare	VERB
fbem-26270	65	7	internationally	internationally	ADV
fbem-26270	65	8	.	.	PUNCT
fbem-26270	66	1	figure	figure	NOUN
fbem-26270	66	2	1	1	NUM
fbem-26270	66	3	illustrates	illustrate	VERB
fbem-26270	66	4	this	this	DET
fbem-26270	66	5	remarkable	remarkable	ADJ
fbem-26270	66	6	scale	scale	NOUN
fbem-26270	66	7	.	.	PUNCT
fbem-26270	67	1	in	in	ADP
fbem-26270	67	2	2021	2021	NUM
fbem-26270	67	3	,	,	PUNCT
fbem-26270	67	4	china	china	PROPN
fbem-26270	67	5	’s	’s	PART
fbem-26270	67	6	real	real	ADJ
fbem-26270	67	7	estate	estate	NOUN
fbem-26270	67	8	sector	sector	NOUN
fbem-26270	67	9	,	,	PUNCT
fbem-26270	67	10	including	include	VERB
fbem-26270	67	11	imported	import	VERB
fbem-26270	67	12	content	content	NOUN
fbem-26270	67	13	,	,	PUNCT
fbem-26270	67	14	accounted	account	VERB
fbem-26270	67	15	for	for	ADP
fbem-26270	67	16	approximately	approximately	ADV
fbem-26270	67	17	31	31	NUM
fbem-26270	67	18	%	%	NOUN
fbem-26270	67	19	of	of	ADP
fbem-26270	67	20	gdp	gdp	NOUN
fbem-26270	67	21	,	,	PUNCT
fbem-26270	67	22	far	far	ADV
fbem-26270	67	23	exceeding	exceed	VERB
fbem-26270	67	24	the	the	DET
fbem-26270	67	25	peak	peak	NOUN
fbem-26270	67	26	levels	level	NOUN
fbem-26270	67	27	seen	see	VERB
fbem-26270	67	28	in	in	ADP
fbem-26270	67	29	ireland	ireland	PROPN
fbem-26270	67	30	and	and	CCONJ
fbem-26270	67	31	rivaling	rival	VERB
fbem-26270	67	32	spain	spain	PROPN
fbem-26270	67	33	at	at	ADP
fbem-26270	67	34	the	the	DET
fbem-26270	67	35	height	height	NOUN
fbem-26270	67	36	of	of	ADP
fbem-26270	67	37	its	its	PRON
fbem-26270	67	38	real	real	ADJ
fbem-26270	67	39	estate	estate	NOUN
fbem-26270	67	40	bubble	bubble	NOUN
fbem-26270	67	41	.	.	PUNCT
fbem-26270	68	1	this	this	PRON
fbem-26270	68	2	contrasts	contrast	VERB
fbem-26270	68	3	sharply	sharply	ADV
fbem-26270	68	4	with	with	ADP
fbem-26270	68	5	the	the	DET
fbem-26270	68	6	u.s	u.s	PROPN
fbem-26270	68	7	.	.	PROPN
fbem-26270	68	8	,	,	PUNCT
fbem-26270	68	9	where	where	SCONJ
fbem-26270	68	10	the	the	DET
fbem-26270	68	11	real	real	ADJ
fbem-26270	68	12	estate	estate	NOUN
fbem-26270	68	13	and	and	CCONJ
fbem-26270	68	14	infrastructure	infrastructure	NOUN
fbem-26270	68	15	sectors	sector	NOUN
fbem-26270	68	16	contribute	contribute	VERB
fbem-26270	68	17	an	an	DET
fbem-26270	68	18	average	average	NOUN
fbem-26270	68	19	of	of	ADP
fbem-26270	68	20	19	19	NUM
fbem-26270	68	21	%	%	NOUN
fbem-26270	68	22	to	to	ADP
fbem-26270	68	23	gdp	gdp	NOUN
fbem-26270	68	24	[	[	X
fbem-26270	68	25	17	17	NUM
fbem-26270	68	26	]	]	PUNCT
fbem-26270	68	27	.	.	PUNCT
fbem-26270	69	1	the	the	DET
fbem-26270	69	2	enduring	endure	VERB
fbem-26270	69	3	high	high	ADJ
fbem-26270	69	4	share	share	NOUN
fbem-26270	69	5	of	of	ADP
fbem-26270	69	6	real	real	ADJ
fbem-26270	69	7	estate	estate	NOUN
fbem-26270	69	8	and	and	CCONJ
fbem-26270	69	9	infrastructure	infrastructure	NOUN
fbem-26270	69	10	in	in	ADP
fbem-26270	69	11	gdp	gdp	NOUN
fbem-26270	69	12	raises	raise	VERB
fbem-26270	69	13	important	important	ADJ
fbem-26270	69	14	questions	question	NOUN
fbem-26270	69	15	about	about	ADP
fbem-26270	69	16	the	the	DET
fbem-26270	69	17	sustainability	sustainability	NOUN
fbem-26270	69	18	of	of	ADP
fbem-26270	69	19	this	this	DET
fbem-26270	69	20	investment	investment	NOUN
fbem-26270	69	21	strategy	strategy	NOUN
fbem-26270	69	22	.	.	PUNCT
fbem-26270	70	1	china	china	PROPN
fbem-26270	70	2	's	's	PART
fbem-26270	70	3	rapid	rapid	ADJ
fbem-26270	70	4	expansion	expansion	NOUN
fbem-26270	70	5	in	in	ADP
fbem-26270	70	6	these	these	DET
fbem-26270	70	7	sectors	sector	NOUN
fbem-26270	70	8	is	be	AUX
fbem-26270	70	9	evident	evident	ADJ
fbem-26270	70	10	when	when	SCONJ
fbem-26270	70	11	examining	examine	VERB
fbem-26270	70	12	the	the	DET
fbem-26270	70	13	stock	stock	NOUN
fbem-26270	70	14	of	of	ADP
fbem-26270	70	15	housing	housing	NOUN
fbem-26270	70	16	.	.	PUNCT
fbem-26270	71	1	from	from	ADP
fbem-26270	71	2	2010	2010	NUM
fbem-26270	71	3	to	to	ADP
fbem-26270	71	4	2021	2021	NUM
fbem-26270	71	5	,	,	PUNCT
fbem-26270	71	6	china	china	PROPN
fbem-26270	71	7	’s	’s	PART
fbem-26270	71	8	housing	housing	NOUN
fbem-26270	71	9	stock	stock	NOUN
fbem-26270	71	10	per	per	ADP
fbem-26270	71	11	capita	capita	NOUN
fbem-26270	71	12	increased	increase	VERB
fbem-26270	71	13	from	from	ADP
fbem-26270	71	14	36	36	NUM
fbem-26270	71	15	m²	m²	PROPN
fbem-26270	71	16	to	to	ADP
fbem-26270	71	17	nearly	nearly	ADV
fbem-26270	71	18	49	49	NUM
fbem-26270	71	19	m²	m²	NOUN
fbem-26270	71	20	,	,	PUNCT
fbem-26270	71	21	closing	close	VERB
fbem-26270	71	22	the	the	DET
fbem-26270	71	23	gap	gap	NOUN
fbem-26270	71	24	with	with	ADP
fbem-26270	71	25	western	western	ADJ
fbem-26270	71	26	countries	country	NOUN
fbem-26270	71	27	like	like	ADP
fbem-26270	71	28	france	france	PROPN
fbem-26270	71	29	and	and	CCONJ
fbem-26270	71	30	the	the	DET
fbem-26270	71	31	united	united	ADJ
fbem-26270	71	32	kingdom	kingdom	PROPN
fbem-26270	71	33	,	,	PUNCT
fbem-26270	71	34	and	and	CCONJ
fbem-26270	71	35	in	in	ADP
fbem-26270	71	36	some	some	DET
fbem-26270	71	37	cases	case	NOUN
fbem-26270	71	38	surpassing	surpass	VERB
fbem-26270	71	39	them	they	PRON
fbem-26270	71	40	.	.	PUNCT
fbem-26270	72	1	this	this	DET
fbem-26270	72	2	rapid	rapid	ADJ
fbem-26270	72	3	expansion	expansion	NOUN
fbem-26270	72	4	highlights	highlight	VERB
fbem-26270	72	5	the	the	DET
fbem-26270	72	6	intense	intense	ADJ
fbem-26270	72	7	pace	pace	NOUN
fbem-26270	72	8	of	of	ADP
fbem-26270	72	9	development	development	NOUN
fbem-26270	72	10	across	across	ADP
fbem-26270	72	11	the	the	DET
fbem-26270	72	12	country	country	NOUN
fbem-26270	72	13	.	.	PUNCT
fbem-26270	73	1	a	a	DET
fbem-26270	73	2	significant	significant	ADJ
fbem-26270	73	3	portion	portion	NOUN
fbem-26270	73	4	of	of	ADP
fbem-26270	73	5	this	this	DET
fbem-26270	73	6	development	development	NOUN
fbem-26270	73	7	has	have	AUX
fbem-26270	73	8	occurred	occur	VERB
fbem-26270	73	9	in	in	ADP
fbem-26270	73	10	tier	tier	NOUN
fbem-26270	73	11	3	3	NUM
fbem-26270	73	12	cities	city	NOUN
fbem-26270	73	13	,	,	PUNCT
fbem-26270	73	14	which	which	PRON
fbem-26270	73	15	,	,	PUNCT
fbem-26270	73	16	despite	despite	SCONJ
fbem-26270	73	17	their	their	PRON
fbem-26270	73	18	smaller	small	ADJ
fbem-26270	73	19	size	size	NOUN
fbem-26270	73	20	and	and	CCONJ
fbem-26270	73	21	lower	low	ADJ
fbem-26270	73	22	wealth	wealth	NOUN
fbem-26270	73	23	levels	level	NOUN
fbem-26270	73	24	,	,	PUNCT
fbem-26270	73	25	have	have	AUX
fbem-26270	73	26	seen	see	VERB
fbem-26270	73	27	substantial	substantial	ADJ
fbem-26270	73	28	real	real	ADJ
fbem-26270	73	29	estate	estate	NOUN
fbem-26270	73	30	investment	investment	NOUN
fbem-26270	73	31	.	.	PUNCT
fbem-26270	74	1	in	in	ADP
fbem-26270	74	2	2021	2021	NUM
fbem-26270	74	3	,	,	PUNCT
fbem-26270	74	4	these	these	DET
fbem-26270	74	5	tier	tier	NOUN
fbem-26270	74	6	3	3	NUM
fbem-26270	74	7	cities	city	NOUN
fbem-26270	74	8	accounted	account	VERB
fbem-26270	74	9	for	for	ADP
fbem-26270	74	10	almost	almost	ADV
fbem-26270	74	11	80	80	NUM
fbem-26270	74	12	%	%	NOUN
fbem-26270	74	13	of	of	ADP
fbem-26270	74	14	the	the	DET
fbem-26270	74	15	national	national	PROPN
fbem-26270	74	16	housing	housing	PROPN
fbem-26270	74	17	stock	stock	NOUN
fbem-26270	74	18	.	.	PUNCT
fbem-26270	75	1	however	however	ADV
fbem-26270	75	2	,	,	PUNCT
fbem-26270	75	3	this	this	DET
fbem-26270	75	4	surge	surge	NOUN
fbem-26270	75	5	in	in	ADP
fbem-26270	75	6	construction	construction	NOUN
fbem-26270	75	7	has	have	AUX
fbem-26270	75	8	not	not	PART
fbem-26270	75	9	translated	translate	VERB
fbem-26270	75	10	into	into	ADP
fbem-26270	75	11	comparable	comparable	ADJ
fbem-26270	75	12	economic	economic	ADJ
fbem-26270	75	13	growth	growth	NOUN
fbem-26270	75	14	.	.	PUNCT
fbem-26270	76	1	tier	tier	NOUN
fbem-26270	76	2	3	3	NUM
fbem-26270	76	3	cities	city	NOUN
fbem-26270	76	4	have	have	AUX
fbem-26270	76	5	experienced	experience	VERB
fbem-26270	76	6	stagnant	stagnant	ADJ
fbem-26270	76	7	or	or	CCONJ
fbem-26270	76	8	declining	decline	VERB
fbem-26270	76	9	real	real	ADJ
fbem-26270	76	10	estate	estate	NOUN
fbem-26270	76	11	prices	price	NOUN
fbem-26270	76	12	,	,	PUNCT
fbem-26270	76	13	exacerbating	exacerbate	VERB
fbem-26270	76	14	financial	financial	ADJ
fbem-26270	76	15	strain	strain	NOUN
fbem-26270	76	16	within	within	ADP
fbem-26270	76	17	the	the	DET
fbem-26270	76	18	construction	construction	NOUN
fbem-26270	76	19	industry	industry	NOUN
fbem-26270	76	20	.	.	PUNCT
fbem-26270	77	1	267	267	NUM
fbem-26270	77	2	figure	figure	NOUN
fbem-26270	77	3	1	1	NUM
fbem-26270	77	4	.	.	PUNCT
fbem-26270	78	1	demand	demand	NOUN
fbem-26270	78	2	for	for	ADP
fbem-26270	78	3	real	real	ADJ
fbem-26270	78	4	estate	estate	NOUN
fbem-26270	78	5	and	and	CCONJ
fbem-26270	78	6	infrastructure	infrastructure	NOUN
fbem-26270	78	7	figure	figure	NOUN
fbem-26270	78	8	2	2	NUM
fbem-26270	78	9	.	.	NOUN
fbem-26270	78	10	per	per	ADP
fbem-26270	78	11	capita	capita	NOUN
fbem-26270	78	12	floor	floor	NOUN
fbem-26270	78	13	space	space	NOUN
fbem-26270	78	14	figure	figure	NOUN
fbem-26270	78	15	2	2	NUM
fbem-26270	78	16	illustrates	illustrate	VERB
fbem-26270	78	17	the	the	DET
fbem-26270	78	18	stock	stock	NOUN
fbem-26270	78	19	of	of	ADP
fbem-26270	78	20	housing	housing	NOUN
fbem-26270	78	21	per	per	ADP
fbem-26270	78	22	capita	capita	NOUN
fbem-26270	78	23	in	in	ADP
fbem-26270	78	24	china	china	PROPN
fbem-26270	78	25	relative	relative	ADJ
fbem-26270	78	26	to	to	ADP
fbem-26270	78	27	other	other	ADJ
fbem-26270	78	28	countries	country	NOUN
fbem-26270	78	29	.	.	PUNCT
fbem-26270	79	1	china	china	PROPN
fbem-26270	79	2	's	's	PART
fbem-26270	79	3	housing	housing	NOUN
fbem-26270	79	4	stock	stock	NOUN
fbem-26270	79	5	per	per	ADP
fbem-26270	79	6	capita	capita	NOUN
fbem-26270	79	7	grew	grow	VERB
fbem-26270	79	8	from	from	ADP
fbem-26270	79	9	36	36	NUM
fbem-26270	79	10	m²	m²	PROPN
fbem-26270	79	11	in	in	ADP
fbem-26270	79	12	2010	2010	NUM
fbem-26270	79	13	to	to	ADP
fbem-26270	79	14	nearly	nearly	ADV
fbem-26270	79	15	49	49	NUM
fbem-26270	79	16	m²	m²	NOUN
fbem-26270	79	17	in	in	ADP
fbem-26270	79	18	2021	2021	NUM
fbem-26270	79	19	,	,	PUNCT
fbem-26270	79	20	narrowing	narrow	VERB
fbem-26270	79	21	the	the	DET
fbem-26270	79	22	gap	gap	NOUN
fbem-26270	79	23	with	with	ADP
fbem-26270	79	24	the	the	DET
fbem-26270	79	25	u.s	u.s	PROPN
fbem-26270	79	26	.	.	PROPN
fbem-26270	79	27	,	,	PUNCT
fbem-26270	79	28	france	france	PROPN
fbem-26270	79	29	,	,	PUNCT
fbem-26270	79	30	and	and	CCONJ
fbem-26270	79	31	the	the	DET
fbem-26270	79	32	united	united	ADJ
fbem-26270	79	33	kingdom	kingdom	PROPN
fbem-26270	79	34	.	.	PUNCT
fbem-26270	80	1	this	this	DET
fbem-26270	80	2	figure	figure	NOUN
fbem-26270	80	3	emphasizes	emphasize	VERB
fbem-26270	80	4	the	the	DET
fbem-26270	80	5	rapid	rapid	ADJ
fbem-26270	80	6	increase	increase	NOUN
fbem-26270	80	7	in	in	ADP
fbem-26270	80	8	housing	housing	NOUN
fbem-26270	80	9	stock	stock	NOUN
fbem-26270	80	10	and	and	CCONJ
fbem-26270	80	11	the	the	DET
fbem-26270	80	12	closing	closing	NOUN
fbem-26270	80	13	gap	gap	NOUN
fbem-26270	80	14	with	with	ADP
fbem-26270	80	15	western	western	ADJ
fbem-26270	80	16	standards	standard	NOUN
fbem-26270	80	17	.	.	PUNCT
fbem-26270	81	1	china	china	PROPN
fbem-26270	81	2	’s	’s	X
fbem-26270	81	3	per	per	ADP
fbem-26270	81	4	capita	capita	X
fbem-26270	81	5	housing	housing	NOUN
fbem-26270	81	6	stock	stock	NOUN
fbem-26270	81	7	increased	increase	VERB
fbem-26270	81	8	from	from	ADP
fbem-26270	81	9	36	36	NUM
fbem-26270	81	10	m²	m²	PROPN
fbem-26270	81	11	in	in	ADP
fbem-26270	81	12	2010	2010	NUM
fbem-26270	81	13	to	to	ADP
fbem-26270	81	14	nearly	nearly	ADV
fbem-26270	81	15	49	49	NUM
fbem-26270	81	16	m²	m²	NOUN
fbem-26270	81	17	in	in	ADP
fbem-26270	81	18	2021	2021	NUM
fbem-26270	81	19	.	.	PUNCT
fbem-26270	82	1	this	this	DET
fbem-26270	82	2	rapid	rapid	ADJ
fbem-26270	82	3	growth	growth	NOUN
fbem-26270	82	4	has	have	AUX
fbem-26270	82	5	substantially	substantially	ADV
fbem-26270	82	6	narrowed	narrow	VERB
fbem-26270	82	7	the	the	DET
fbem-26270	82	8	gap	gap	NOUN
fbem-26270	82	9	with	with	ADP
fbem-26270	82	10	western	western	ADJ
fbem-26270	82	11	countries	country	NOUN
fbem-26270	82	12	,	,	PUNCT
fbem-26270	82	13	including	include	VERB
fbem-26270	82	14	the	the	DET
fbem-26270	82	15	u.s	u.s	PROPN
fbem-26270	82	16	.	.	PROPN
fbem-26270	82	17	,	,	PUNCT
fbem-26270	82	18	france	france	PROPN
fbem-26270	82	19	,	,	PUNCT
fbem-26270	82	20	and	and	CCONJ
fbem-26270	82	21	the	the	DET
fbem-26270	82	22	uk	uk	PROPN
fbem-26270	82	23	.	.	PUNCT
fbem-26270	82	24	despite	despite	SCONJ
fbem-26270	82	25	having	have	VERB
fbem-26270	82	26	a	a	DET
fbem-26270	82	27	higher	high	ADJ
fbem-26270	82	28	growth	growth	NOUN
fbem-26270	82	29	rate	rate	NOUN
fbem-26270	82	30	,	,	PUNCT
fbem-26270	82	31	china	china	PROPN
fbem-26270	82	32	’s	’s	X
fbem-26270	82	33	per	per	ADP
fbem-26270	82	34	capita	capita	X
fbem-26270	82	35	housing	housing	NOUN
fbem-26270	82	36	stock	stock	NOUN
fbem-26270	82	37	is	be	AUX
fbem-26270	82	38	nearing	near	VERB
fbem-26270	82	39	parity	parity	NOUN
fbem-26270	82	40	with	with	ADP
fbem-26270	82	41	these	these	DET
fbem-26270	82	42	developed	develop	VERB
fbem-26270	82	43	nations	nation	NOUN
fbem-26270	82	44	.	.	PUNCT
fbem-26270	83	1	this	this	PRON
fbem-26270	83	2	reflects	reflect	VERB
fbem-26270	83	3	china	china	PROPN
fbem-26270	83	4	's	's	PART
fbem-26270	83	5	significant	significant	ADJ
fbem-26270	83	6	investment	investment	NOUN
fbem-26270	83	7	in	in	ADP
fbem-26270	83	8	residential	residential	ADJ
fbem-26270	83	9	construction	construction	NOUN
fbem-26270	83	10	,	,	PUNCT
fbem-26270	83	11	aimed	aim	VERB
fbem-26270	83	12	at	at	ADP
fbem-26270	83	13	improving	improve	VERB
fbem-26270	83	14	living	living	NOUN
fbem-26270	83	15	standards	standard	NOUN
fbem-26270	83	16	and	and	CCONJ
fbem-26270	83	17	addressing	address	VERB
fbem-26270	83	18	urban	urban	ADJ
fbem-26270	83	19	housing	housing	NOUN
fbem-26270	83	20	needs	need	NOUN
fbem-26270	83	21	.	.	PUNCT
fbem-26270	84	1	figure	figure	VERB
fbem-26270	84	2	3	3	NUM
fbem-26270	84	3	.	.	PUNCT
fbem-26270	84	4	total	total	ADJ
fbem-26270	84	5	housing	housing	NOUN
fbem-26270	84	6	stock	stock	NOUN
fbem-26270	84	7	by	by	ADP
fbem-26270	84	8	city	city	NOUN
fbem-26270	84	9	tier	tier	NOUN
fbem-26270	84	10	268	268	NUM
fbem-26270	84	11	figure	figure	NOUN
fbem-26270	84	12	4	4	NUM
fbem-26270	84	13	.	.	PUNCT
fbem-26270	84	14	city	city	NOUN
fbem-26270	84	15	capita	capita	NOUN
fbem-26270	84	16	floor	floor	NOUN
fbem-26270	84	17	space	space	NOUN
fbem-26270	84	18	figure	figure	NOUN
fbem-26270	84	19	3	3	NUM
fbem-26270	84	20	and	and	CCONJ
fbem-26270	84	21	figure	figure	VERB
fbem-26270	84	22	4	4	NUM
fbem-26270	84	23	present	present	VERB
fbem-26270	84	24	the	the	DET
fbem-26270	84	25	national	national	ADJ
fbem-26270	84	26	aggregate	aggregate	ADJ
fbem-26270	84	27	housing	housing	NOUN
fbem-26270	84	28	stock	stock	NOUN
fbem-26270	84	29	,	,	PUNCT
fbem-26270	84	30	which	which	PRON
fbem-26270	84	31	expanded	expand	VERB
fbem-26270	84	32	from	from	ADP
fbem-26270	84	33	49	49	NUM
fbem-26270	84	34	billion	billion	NUM
fbem-26270	84	35	m²	m²	NOUN
fbem-26270	84	36	to	to	ADP
fbem-26270	84	37	nearly	nearly	ADV
fbem-26270	84	38	70	70	NUM
fbem-26270	84	39	billion	billion	NUM
fbem-26270	84	40	m²	m²	NOUN
fbem-26270	84	41	over	over	ADP
fbem-26270	84	42	recent	recent	ADJ
fbem-26270	84	43	years	year	NOUN
fbem-26270	84	44	.	.	PUNCT
fbem-26270	85	1	the	the	DET
fbem-26270	85	2	majority	majority	NOUN
fbem-26270	85	3	of	of	ADP
fbem-26270	85	4	this	this	DET
fbem-26270	85	5	growth	growth	NOUN
fbem-26270	85	6	has	have	AUX
fbem-26270	85	7	been	be	AUX
fbem-26270	85	8	concentrated	concentrate	VERB
fbem-26270	85	9	in	in	ADP
fbem-26270	85	10	tier	tier	NOUN
fbem-26270	85	11	3	3	NUM
fbem-26270	85	12	cities	city	NOUN
fbem-26270	85	13	,	,	PUNCT
fbem-26270	85	14	which	which	PRON
fbem-26270	85	15	now	now	ADV
fbem-26270	85	16	account	account	VERB
fbem-26270	85	17	for	for	ADP
fbem-26270	85	18	nearly	nearly	ADV
fbem-26270	85	19	80	80	NUM
fbem-26270	85	20	%	%	NOUN
fbem-26270	85	21	of	of	ADP
fbem-26270	85	22	the	the	DET
fbem-26270	85	23	total	total	ADJ
fbem-26270	85	24	housing	housing	NOUN
fbem-26270	85	25	stock	stock	NOUN
fbem-26270	85	26	[	[	X
fbem-26270	85	27	18	18	NUM
fbem-26270	85	28	]	]	PUNCT
fbem-26270	85	29	.	.	PUNCT
fbem-26270	86	1	these	these	DET
fbem-26270	86	2	figures	figure	NOUN
fbem-26270	86	3	highlight	highlight	VERB
fbem-26270	86	4	the	the	DET
fbem-26270	86	5	substantial	substantial	ADJ
fbem-26270	86	6	expansion	expansion	NOUN
fbem-26270	86	7	of	of	ADP
fbem-26270	86	8	residential	residential	ADJ
fbem-26270	86	9	space	space	NOUN
fbem-26270	86	10	in	in	ADP
fbem-26270	86	11	these	these	DET
fbem-26270	86	12	smaller	small	ADJ
fbem-26270	86	13	cities	city	NOUN
fbem-26270	86	14	.	.	PUNCT
fbem-26270	87	1	the	the	DET
fbem-26270	87	2	figures	figure	NOUN
fbem-26270	87	3	reveal	reveal	VERB
fbem-26270	87	4	a	a	DET
fbem-26270	87	5	dramatic	dramatic	ADJ
fbem-26270	87	6	increase	increase	NOUN
fbem-26270	87	7	in	in	ADP
fbem-26270	87	8	china	china	PROPN
fbem-26270	87	9	’s	’s	PART
fbem-26270	87	10	total	total	ADJ
fbem-26270	87	11	housing	housing	NOUN
fbem-26270	87	12	stock	stock	NOUN
fbem-26270	87	13	,	,	PUNCT
fbem-26270	87	14	with	with	ADP
fbem-26270	87	15	tier	tier	NOUN
fbem-26270	87	16	3	3	NUM
fbem-26270	87	17	cities	city	NOUN
fbem-26270	87	18	contributing	contribute	VERB
fbem-26270	87	19	almost	almost	ADV
fbem-26270	87	20	80	80	NUM
fbem-26270	87	21	%	%	NOUN
fbem-26270	87	22	of	of	ADP
fbem-26270	87	23	this	this	DET
fbem-26270	87	24	growth	growth	NOUN
fbem-26270	87	25	.	.	PUNCT
fbem-26270	88	1	this	this	DET
fbem-26270	88	2	concentration	concentration	NOUN
fbem-26270	88	3	highlights	highlight	VERB
fbem-26270	88	4	the	the	DET
fbem-26270	88	5	large	large	ADJ
fbem-26270	88	6	-	-	PUNCT
fbem-26270	88	7	scale	scale	NOUN
fbem-26270	88	8	investment	investment	NOUN
fbem-26270	88	9	in	in	ADP
fbem-26270	88	10	these	these	DET
fbem-26270	88	11	smaller	small	ADJ
fbem-26270	88	12	cities	city	NOUN
fbem-26270	88	13	,	,	PUNCT
fbem-26270	88	14	despite	despite	SCONJ
fbem-26270	88	15	their	their	PRON
fbem-26270	88	16	economic	economic	ADJ
fbem-26270	88	17	challenges	challenge	NOUN
fbem-26270	88	18	.	.	PUNCT
fbem-26270	89	1	the	the	DET
fbem-26270	89	2	substantial	substantial	ADJ
fbem-26270	89	3	rise	rise	NOUN
fbem-26270	89	4	in	in	ADP
fbem-26270	89	5	housing	housing	NOUN
fbem-26270	89	6	stock	stock	NOUN
fbem-26270	89	7	indicates	indicate	VERB
fbem-26270	89	8	both	both	CCONJ
fbem-26270	89	9	the	the	DET
fbem-26270	89	10	extensive	extensive	ADJ
fbem-26270	89	11	construction	construction	NOUN
fbem-26270	89	12	activities	activity	NOUN
fbem-26270	89	13	and	and	CCONJ
fbem-26270	89	14	the	the	DET
fbem-26270	89	15	need	need	NOUN
fbem-26270	89	16	to	to	PART
fbem-26270	89	17	manage	manage	VERB
fbem-26270	89	18	this	this	DET
fbem-26270	89	19	surplus	surplus	NOUN
fbem-26270	89	20	in	in	ADP
fbem-26270	89	21	areas	area	NOUN
fbem-26270	89	22	with	with	ADP
fbem-26270	89	23	limited	limited	ADJ
fbem-26270	89	24	economic	economic	ADJ
fbem-26270	89	25	growth	growth	NOUN
fbem-26270	89	26	[	[	X
fbem-26270	89	27	19	19	NUM
fbem-26270	89	28	]	]	PUNCT
fbem-26270	89	29	.	.	PUNCT
fbem-26270	90	1	figure	figure	NOUN
fbem-26270	90	2	5	5	NUM
fbem-26270	90	3	shows	show	VERB
fbem-26270	90	4	the	the	DET
fbem-26270	90	5	regional	regional	ADJ
fbem-26270	90	6	distribution	distribution	NOUN
fbem-26270	90	7	of	of	ADP
fbem-26270	90	8	construction	construction	NOUN
fbem-26270	90	9	,	,	PUNCT
fbem-26270	90	10	revealing	reveal	VERB
fbem-26270	90	11	that	that	SCONJ
fbem-26270	90	12	tier	tier	NOUN
fbem-26270	90	13	3	3	NUM
fbem-26270	90	14	cities	city	NOUN
fbem-26270	90	15	have	have	AUX
fbem-26270	90	16	absorbed	absorb	VERB
fbem-26270	90	17	a	a	DET
fbem-26270	90	18	significant	significant	ADJ
fbem-26270	90	19	share	share	NOUN
fbem-26270	90	20	of	of	ADP
fbem-26270	90	21	new	new	ADJ
fbem-26270	90	22	real	real	ADJ
fbem-26270	90	23	estate	estate	NOUN
fbem-26270	90	24	investments	investment	NOUN
fbem-26270	90	25	.	.	PUNCT
fbem-26270	91	1	despite	despite	SCONJ
fbem-26270	91	2	their	their	PRON
fbem-26270	91	3	substantial	substantial	ADJ
fbem-26270	91	4	construction	construction	NOUN
fbem-26270	91	5	,	,	PUNCT
fbem-26270	91	6	these	these	DET
fbem-26270	91	7	cities	city	NOUN
fbem-26270	91	8	have	have	AUX
fbem-26270	91	9	not	not	PART
fbem-26270	91	10	experienced	experience	VERB
fbem-26270	91	11	corresponding	corresponding	ADJ
fbem-26270	91	12	income	income	NOUN
fbem-26270	91	13	growth	growth	NOUN
fbem-26270	91	14	.	.	PUNCT
fbem-26270	92	1	this	this	DET
fbem-26270	92	2	divergence	divergence	NOUN
fbem-26270	92	3	is	be	AUX
fbem-26270	92	4	evident	evident	ADJ
fbem-26270	92	5	as	as	ADP
fbem-26270	92	6	real	real	ADJ
fbem-26270	92	7	estate	estate	NOUN
fbem-26270	92	8	prices	price	NOUN
fbem-26270	92	9	in	in	ADP
fbem-26270	92	10	tier	tier	NOUN
fbem-26270	92	11	1	1	NUM
fbem-26270	92	12	cities	city	NOUN
fbem-26270	92	13	have	have	AUX
fbem-26270	92	14	stabilized	stabilize	VERB
fbem-26270	92	15	,	,	PUNCT
fbem-26270	92	16	while	while	SCONJ
fbem-26270	92	17	those	those	DET
fbem-26270	92	18	in	in	ADP
fbem-26270	92	19	tier	tier	NOUN
fbem-26270	92	20	3	3	NUM
fbem-26270	92	21	cities	city	NOUN
fbem-26270	92	22	have	have	AUX
fbem-26270	92	23	fallen	fall	VERB
fbem-26270	92	24	,	,	PUNCT
fbem-26270	92	25	reflecting	reflect	VERB
fbem-26270	92	26	the	the	DET
fbem-26270	92	27	strain	strain	NOUN
fbem-26270	92	28	on	on	ADP
fbem-26270	92	29	the	the	DET
fbem-26270	92	30	real	real	ADJ
fbem-26270	92	31	estate	estate	NOUN
fbem-26270	92	32	market	market	NOUN
fbem-26270	92	33	.	.	PUNCT
fbem-26270	93	1	the	the	DET
fbem-26270	93	2	data	datum	NOUN
fbem-26270	93	3	show	show	VERB
fbem-26270	93	4	a	a	DET
fbem-26270	93	5	significant	significant	ADJ
fbem-26270	93	6	rise	rise	NOUN
fbem-26270	93	7	in	in	ADP
fbem-26270	93	8	real	real	ADJ
fbem-26270	93	9	estate	estate	NOUN
fbem-26270	93	10	investment	investment	NOUN
fbem-26270	93	11	in	in	ADP
fbem-26270	93	12	tier	tier	NOUN
fbem-26270	93	13	3	3	NUM
fbem-26270	93	14	cities	city	NOUN
fbem-26270	93	15	,	,	PUNCT
fbem-26270	93	16	from	from	ADP
fbem-26270	93	17	32	32	NUM
fbem-26270	93	18	%	%	NOUN
fbem-26270	93	19	of	of	ADP
fbem-26270	93	20	total	total	ADJ
fbem-26270	93	21	investment	investment	NOUN
fbem-26270	93	22	in	in	ADP
fbem-26270	93	23	2000	2000	NUM
fbem-26270	93	24	to	to	ADP
fbem-26270	93	25	over	over	ADP
fbem-26270	93	26	60	60	NUM
fbem-26270	93	27	%	%	NOUN
fbem-26270	93	28	in	in	ADP
fbem-26270	93	29	2021	2021	NUM
fbem-26270	93	30	[	[	X
fbem-26270	93	31	20	20	NUM
fbem-26270	93	32	]	]	PUNCT
fbem-26270	93	33	.	.	PUNCT
fbem-26270	94	1	this	this	DET
fbem-26270	94	2	shift	shift	NOUN
fbem-26270	94	3	indicates	indicate	VERB
fbem-26270	94	4	a	a	DET
fbem-26270	94	5	strategic	strategic	ADJ
fbem-26270	94	6	focus	focus	NOUN
fbem-26270	94	7	on	on	ADP
fbem-26270	94	8	expanding	expand	VERB
fbem-26270	94	9	housing	housing	NOUN
fbem-26270	94	10	and	and	CCONJ
fbem-26270	94	11	infrastructure	infrastructure	NOUN
fbem-26270	94	12	in	in	ADP
fbem-26270	94	13	less	less	ADV
fbem-26270	94	14	economically	economically	ADV
fbem-26270	94	15	advanced	advanced	ADJ
fbem-26270	94	16	areas	area	NOUN
fbem-26270	94	17	.	.	PUNCT
fbem-26270	95	1	however	however	ADV
fbem-26270	95	2	,	,	PUNCT
fbem-26270	95	3	the	the	DET
fbem-26270	95	4	flattening	flattening	NOUN
fbem-26270	95	5	of	of	ADP
fbem-26270	95	6	real	real	ADJ
fbem-26270	95	7	estate	estate	NOUN
fbem-26270	95	8	prices	price	NOUN
fbem-26270	95	9	in	in	ADP
fbem-26270	95	10	tier	tier	NOUN
fbem-26270	95	11	1	1	NUM
fbem-26270	95	12	cities	city	NOUN
fbem-26270	95	13	,	,	PUNCT
fbem-26270	95	14	coupled	couple	VERB
fbem-26270	95	15	with	with	ADP
fbem-26270	95	16	declining	decline	VERB
fbem-26270	95	17	prices	price	NOUN
fbem-26270	95	18	in	in	ADP
fbem-26270	95	19	tier	tier	NOUN
fbem-26270	95	20	3	3	NUM
fbem-26270	95	21	cities	city	NOUN
fbem-26270	95	22	,	,	PUNCT
fbem-26270	95	23	suggests	suggest	VERB
fbem-26270	95	24	that	that	SCONJ
fbem-26270	95	25	the	the	DET
fbem-26270	95	26	rapid	rapid	ADJ
fbem-26270	95	27	investment	investment	NOUN
fbem-26270	95	28	may	may	AUX
fbem-26270	95	29	not	not	PART
fbem-26270	95	30	have	have	AUX
fbem-26270	95	31	yielded	yield	VERB
fbem-26270	95	32	proportional	proportional	ADJ
fbem-26270	95	33	economic	economic	ADJ
fbem-26270	95	34	benefits	benefit	NOUN
fbem-26270	95	35	.	.	PUNCT
fbem-26270	96	1	figure	figure	VERB
fbem-26270	96	2	5	5	NUM
fbem-26270	96	3	.	.	PUNCT
fbem-26270	96	4	housing	housing	NOUN
fbem-26270	96	5	price	price	NOUN
fbem-26270	96	6	change	change	NOUN
fbem-26270	96	7	figure	figure	NOUN
fbem-26270	96	8	6	6	NUM
fbem-26270	96	9	illustrates	illustrate	VERB
fbem-26270	96	10	the	the	DET
fbem-26270	96	11	ratio	ratio	NOUN
fbem-26270	96	12	of	of	ADP
fbem-26270	96	13	new	new	ADJ
fbem-26270	96	14	housing	housing	NOUN
fbem-26270	96	15	construction	construction	NOUN
fbem-26270	96	16	to	to	AUX
fbem-26270	96	17	completed	complete	VERB
fbem-26270	96	18	projects	project	NOUN
fbem-26270	96	19	in	in	ADP
fbem-26270	96	20	tier	tier	NOUN
fbem-26270	96	21	3	3	NUM
fbem-26270	96	22	cities	city	NOUN
fbem-26270	96	23	.	.	PUNCT
fbem-26270	97	1	in	in	ADP
fbem-26270	97	2	2020	2020	NUM
fbem-26270	97	3	,	,	PUNCT
fbem-26270	97	4	this	this	DET
fbem-26270	97	5	ratio	ratio	NOUN
fbem-26270	97	6	was	be	AUX
fbem-26270	97	7	10.6	10.6	NUM
fbem-26270	97	8	,	,	PUNCT
fbem-26270	97	9	up	up	ADV
fbem-26270	97	10	from	from	ADP
fbem-26270	97	11	just	just	ADV
fbem-26270	97	12	over	over	ADP
fbem-26270	97	13	6	6	NUM
fbem-26270	97	14	in	in	ADP
fbem-26270	97	15	2011	2011	NUM
fbem-26270	97	16	.	.	PUNCT
fbem-26270	98	1	a	a	DET
fbem-26270	98	2	high	high	ADJ
fbem-26270	98	3	ratio	ratio	NOUN
fbem-26270	98	4	indicates	indicate	VERB
fbem-26270	98	5	overbuilding	overbuilde	VERB
fbem-26270	98	6	and	and	CCONJ
fbem-26270	98	7	potential	potential	ADJ
fbem-26270	98	8	market	market	NOUN
fbem-26270	98	9	distress	distress	NOUN
fbem-26270	98	10	,	,	PUNCT
fbem-26270	98	11	where	where	SCONJ
fbem-26270	98	12	developers	developer	NOUN
fbem-26270	98	13	face	face	VERB
fbem-26270	98	14	challenges	challenge	NOUN
fbem-26270	98	15	completing	complete	VERB
fbem-26270	98	16	projects	project	NOUN
fbem-26270	98	17	due	due	ADJ
fbem-26270	98	18	to	to	ADP
fbem-26270	98	19	insufficient	insufficient	ADJ
fbem-26270	98	20	demand	demand	NOUN
fbem-26270	98	21	and	and	CCONJ
fbem-26270	98	22	funding	funding	NOUN
fbem-26270	98	23	issues	issue	NOUN
fbem-26270	98	24	.	.	PUNCT
fbem-26270	99	1	in	in	ADP
fbem-26270	99	2	2020	2020	NUM
fbem-26270	99	3	,	,	PUNCT
fbem-26270	99	4	the	the	DET
fbem-26270	99	5	ratio	ratio	NOUN
fbem-26270	99	6	of	of	ADP
fbem-26270	99	7	housing	housing	NOUN
fbem-26270	99	8	under	under	ADP
fbem-26270	99	9	construction	construction	NOUN
fbem-26270	99	10	to	to	ADP
fbem-26270	99	11	completed	complete	VERB
fbem-26270	99	12	projects	project	NOUN
fbem-26270	99	13	in	in	ADP
fbem-26270	99	14	tier	tier	NOUN
fbem-26270	99	15	3	3	NUM
fbem-26270	99	16	cities	city	NOUN
fbem-26270	99	17	was	be	AUX
fbem-26270	99	18	10.6	10.6	NUM
fbem-26270	99	19	,	,	PUNCT
fbem-26270	99	20	up	up	ADV
fbem-26270	99	21	from	from	ADP
fbem-26270	99	22	just	just	ADV
fbem-26270	99	23	over	over	ADP
fbem-26270	99	24	6	6	NUM
fbem-26270	99	25	in	in	ADP
fbem-26270	99	26	2011	2011	NUM
fbem-26270	99	27	.	.	PUNCT
fbem-26270	100	1	this	this	DET
fbem-26270	100	2	high	high	ADJ
fbem-26270	100	3	ratio	ratio	NOUN
fbem-26270	100	4	indicates	indicate	VERB
fbem-26270	100	5	an	an	DET
fbem-26270	100	6	overabundance	overabundance	NOUN
fbem-26270	100	7	of	of	ADP
fbem-26270	100	8	ongoing	ongoing	ADJ
fbem-26270	100	9	construction	construction	NOUN
fbem-26270	100	10	relative	relative	ADJ
fbem-26270	100	11	to	to	ADP
fbem-26270	100	12	completed	complete	VERB
fbem-26270	100	13	units	unit	NOUN
fbem-26270	100	14	,	,	PUNCT
fbem-26270	100	15	suggesting	suggest	VERB
fbem-26270	100	16	potential	potential	ADJ
fbem-26270	100	17	overbuilding	overbuilding	NOUN
fbem-26270	100	18	and	and	CCONJ
fbem-26270	100	19	market	market	NOUN
fbem-26270	100	20	strain	strain	NOUN
fbem-26270	100	21	.	.	PUNCT
fbem-26270	101	1	such	such	DET
fbem-26270	101	2	a	a	DET
fbem-26270	101	3	high	high	ADJ
fbem-26270	101	4	ratio	ratio	NOUN
fbem-26270	101	5	points	point	NOUN
fbem-26270	101	6	to	to	ADP
fbem-26270	101	7	a	a	DET
fbem-26270	101	8	mismatch	mismatch	NOUN
fbem-26270	101	9	between	between	ADP
fbem-26270	101	10	supply	supply	NOUN
fbem-26270	101	11	and	and	CCONJ
fbem-26270	101	12	demand	demand	NOUN
fbem-26270	101	13	,	,	PUNCT
fbem-26270	101	14	with	with	ADP
fbem-26270	101	15	developers	developer	NOUN
fbem-26270	101	16	struggling	struggle	VERB
fbem-26270	101	17	to	to	PART
fbem-26270	101	18	complete	complete	VERB
fbem-26270	101	19	projects	project	NOUN
fbem-26270	101	20	due	due	ADJ
fbem-26270	101	21	to	to	ADP
fbem-26270	101	22	a	a	DET
fbem-26270	101	23	lack	lack	NOUN
fbem-26270	101	24	of	of	ADP
fbem-26270	101	25	buyers	buyer	NOUN
fbem-26270	101	26	and	and	CCONJ
fbem-26270	101	27	financing	financing	NOUN
fbem-26270	101	28	challenges	challenge	NOUN
fbem-26270	101	29	.	.	PUNCT
fbem-26270	102	1	figure	figure	VERB
fbem-26270	102	2	6	6	NUM
fbem-26270	102	3	.	.	PUNCT
fbem-26270	103	1	under	under	ADP
fbem-26270	103	2	construction	construction	NOUN
fbem-26270	103	3	houses	house	NOUN
fbem-26270	103	4	figure	figure	VERB
fbem-26270	103	5	7	7	NUM
fbem-26270	103	6	extends	extend	VERB
fbem-26270	103	7	this	this	DET
fbem-26270	103	8	analysis	analysis	NOUN
fbem-26270	103	9	to	to	ADP
fbem-26270	103	10	commercial	commercial	ADJ
fbem-26270	103	11	real	real	ADJ
fbem-26270	103	12	estate	estate	NOUN
fbem-26270	103	13	,	,	PUNCT
fbem-26270	103	14	showing	show	VERB
fbem-26270	103	15	a	a	DET
fbem-26270	103	16	similar	similar	ADJ
fbem-26270	103	17	trend	trend	NOUN
fbem-26270	103	18	where	where	SCONJ
fbem-26270	103	19	the	the	DET
fbem-26270	103	20	ratio	ratio	NOUN
fbem-26270	103	21	of	of	ADP
fbem-26270	103	22	commercial	commercial	ADJ
fbem-26270	103	23	real	real	ADJ
fbem-26270	103	24	estate	estate	NOUN
fbem-26270	103	25	under	under	ADP
fbem-26270	103	26	construction	construction	NOUN
fbem-26270	103	27	to	to	ADP
fbem-26270	103	28	completed	complete	VERB
fbem-26270	103	29	projects	project	NOUN
fbem-26270	103	30	has	have	AUX
fbem-26270	103	31	been	be	AUX
fbem-26270	103	32	steadily	steadily	ADV
fbem-26270	103	33	increasing	increase	VERB
fbem-26270	103	34	.	.	PUNCT
fbem-26270	104	1	this	this	PRON
fbem-26270	104	2	reflects	reflect	VERB
fbem-26270	104	3	ongoing	ongoing	ADJ
fbem-26270	104	4	overinvestment	overinvestment	ADJ
fbem-26270	104	5	and	and	CCONJ
fbem-26270	104	6	financial	financial	ADJ
fbem-26270	104	7	strain	strain	NOUN
fbem-26270	104	8	within	within	ADP
fbem-26270	104	9	the	the	DET
fbem-26270	104	10	commercial	commercial	ADJ
fbem-26270	104	11	real	real	ADJ
fbem-26270	104	12	estate	estate	NOUN
fbem-26270	104	13	sector	sector	NOUN
fbem-26270	104	14	.	.	PUNCT
fbem-26270	105	1	the	the	DET
fbem-26270	105	2	ratio	ratio	NOUN
fbem-26270	105	3	of	of	ADP
fbem-26270	105	4	commercial	commercial	ADJ
fbem-26270	105	5	real	real	ADJ
fbem-26270	105	6	estate	estate	NOUN
fbem-26270	105	7	under	under	ADP
fbem-26270	105	8	construction	construction	NOUN
fbem-26270	105	9	to	to	ADP
fbem-26270	105	10	completed	complete	VERB
fbem-26270	105	11	projects	project	NOUN
fbem-26270	105	12	has	have	AUX
fbem-26270	105	13	steadily	steadily	ADV
fbem-26270	105	14	increased	increase	VERB
fbem-26270	105	15	,	,	PUNCT
fbem-26270	105	16	mirroring	mirror	VERB
fbem-26270	105	17	the	the	DET
fbem-26270	105	18	trends	trend	NOUN
fbem-26270	105	19	in	in	ADP
fbem-26270	105	20	residential	residential	ADJ
fbem-26270	105	21	real	real	ADJ
fbem-26270	105	22	estate	estate	NOUN
fbem-26270	105	23	[	[	X
fbem-26270	105	24	21	21	NUM
fbem-26270	105	25	]	]	PUNCT
fbem-26270	105	26	.	.	PUNCT
fbem-26270	106	1	this	this	DET
fbem-26270	106	2	growing	grow	VERB
fbem-26270	106	3	disparity	disparity	NOUN
fbem-26270	106	4	highlights	highlight	VERB
fbem-26270	106	5	similar	similar	ADJ
fbem-26270	106	6	issues	issue	NOUN
fbem-26270	106	7	of	of	ADP
fbem-26270	106	8	overinvestment	overinvestment	ADJ
fbem-26270	106	9	and	and	CCONJ
fbem-26270	106	10	financial	financial	ADJ
fbem-26270	106	11	pressure	pressure	NOUN
fbem-26270	106	12	in	in	ADP
fbem-26270	106	13	the	the	DET
fbem-26270	106	14	commercial	commercial	ADJ
fbem-26270	106	15	sector	sector	NOUN
fbem-26270	106	16	,	,	PUNCT
fbem-26270	106	17	where	where	SCONJ
fbem-26270	106	18	excessive	excessive	ADJ
fbem-26270	106	19	construction	construction	NOUN
fbem-26270	106	20	may	may	AUX
fbem-26270	106	21	lead	lead	VERB
fbem-26270	106	22	to	to	AUX
fbem-26270	106	23	oversupply	oversupply	VERB
fbem-26270	106	24	and	and	CCONJ
fbem-26270	106	25	market	market	NOUN
fbem-26270	106	26	imbalances	imbalance	NOUN
fbem-26270	106	27	.	.	PUNCT
fbem-26270	107	1	269	269	NUM
fbem-26270	107	2	figure	figure	NOUN
fbem-26270	107	3	7	7	NUM
fbem-26270	107	4	.	.	PUNCT
fbem-26270	107	5	ratio	ratio	NOUN
fbem-26270	107	6	of	of	ADP
fbem-26270	107	7	commercial	commercial	ADJ
fbem-26270	107	8	real	real	ADJ
fbem-26270	107	9	estate	estate	NOUN
fbem-26270	107	10	floor	floor	NOUN
fbem-26270	107	11	space	space	NOUN
fbem-26270	107	12	under	under	ADP
fbem-26270	107	13	construction	construction	NOUN
fbem-26270	107	14	to	to	ADP
fbem-26270	107	15	annual	annual	ADJ
fbem-26270	107	16	completed	complete	VERB
fbem-26270	107	17	projects	project	NOUN
fbem-26270	107	18	figure	figure	VERB
fbem-26270	107	19	8	8	NUM
fbem-26270	107	20	depicts	depict	VERB
fbem-26270	107	21	china	china	PROPN
fbem-26270	107	22	's	's	PART
fbem-26270	107	23	high	high	ADJ
fbem-26270	107	24	-	-	PUNCT
fbem-26270	107	25	speed	speed	NOUN
fbem-26270	107	26	rail	rail	NOUN
fbem-26270	107	27	network	network	NOUN
fbem-26270	107	28	,	,	PUNCT
fbem-26270	107	29	highlighting	highlight	VERB
fbem-26270	107	30	its	its	PRON
fbem-26270	107	31	extensive	extensive	ADJ
fbem-26270	107	32	growth	growth	NOUN
fbem-26270	107	33	compared	compare	VERB
fbem-26270	107	34	to	to	ADP
fbem-26270	107	35	other	other	ADJ
fbem-26270	107	36	countries	country	NOUN
fbem-26270	107	37	.	.	PUNCT
fbem-26270	108	1	despite	despite	SCONJ
fbem-26270	108	2	the	the	DET
fbem-26270	108	3	significant	significant	ADJ
fbem-26270	108	4	financial	financial	ADJ
fbem-26270	108	5	liabilities	liability	NOUN
fbem-26270	108	6	of	of	ADP
fbem-26270	108	7	entities	entity	NOUN
fbem-26270	108	8	like	like	ADP
fbem-26270	108	9	china	china	PROPN
fbem-26270	108	10	state	state	PROPN
fbem-26270	108	11	railway	railway	NOUN
fbem-26270	108	12	group	group	NOUN
fbem-26270	108	13	,	,	PUNCT
fbem-26270	108	14	the	the	DET
fbem-26270	108	15	expansion	expansion	NOUN
fbem-26270	108	16	of	of	ADP
fbem-26270	108	17	the	the	DET
fbem-26270	108	18	high	high	ADJ
fbem-26270	108	19	-	-	PUNCT
fbem-26270	108	20	speed	speed	NOUN
fbem-26270	108	21	rail	rail	NOUN
fbem-26270	108	22	network	network	NOUN
fbem-26270	108	23	continues	continue	VERB
fbem-26270	108	24	to	to	PART
fbem-26270	108	25	outpace	outpace	VERB
fbem-26270	108	26	passenger	passenger	NOUN
fbem-26270	108	27	growth	growth	NOUN
fbem-26270	108	28	,	,	PUNCT
fbem-26270	108	29	indicating	indicate	VERB
fbem-26270	108	30	an	an	DET
fbem-26270	108	31	imbalance	imbalance	NOUN
fbem-26270	108	32	between	between	ADP
fbem-26270	108	33	investment	investment	NOUN
fbem-26270	108	34	and	and	CCONJ
fbem-26270	108	35	usage	usage	NOUN
fbem-26270	108	36	.	.	PUNCT
fbem-26270	109	1	despite	despite	SCONJ
fbem-26270	109	2	facing	face	VERB
fbem-26270	109	3	significant	significant	ADJ
fbem-26270	109	4	financial	financial	ADJ
fbem-26270	109	5	liabilities	liability	NOUN
fbem-26270	109	6	and	and	CCONJ
fbem-26270	109	7	operational	operational	ADJ
fbem-26270	109	8	losses	loss	NOUN
fbem-26270	109	9	,	,	PUNCT
fbem-26270	109	10	china	china	PROPN
fbem-26270	109	11	’s	’s	PART
fbem-26270	109	12	high	high	ADJ
fbem-26270	109	13	-	-	PUNCT
fbem-26270	109	14	speed	speed	NOUN
fbem-26270	109	15	rail	rail	NOUN
fbem-26270	109	16	network	network	NOUN
fbem-26270	109	17	continues	continue	VERB
fbem-26270	109	18	to	to	PART
fbem-26270	109	19	expand	expand	VERB
fbem-26270	109	20	rapidly	rapidly	ADV
fbem-26270	109	21	[	[	X
fbem-26270	109	22	22	22	NUM
fbem-26270	109	23	]	]	PUNCT
fbem-26270	109	24	.	.	PUNCT
fbem-26270	110	1	the	the	DET
fbem-26270	110	2	figure	figure	NOUN
fbem-26270	110	3	demonstrates	demonstrate	VERB
fbem-26270	110	4	china	china	PROPN
fbem-26270	110	5	’s	’s	PART
fbem-26270	110	6	commitment	commitment	NOUN
fbem-26270	110	7	to	to	ADP
fbem-26270	110	8	infrastructure	infrastructure	NOUN
fbem-26270	110	9	development	development	NOUN
fbem-26270	110	10	,	,	PUNCT
fbem-26270	110	11	with	with	ADP
fbem-26270	110	12	a	a	DET
fbem-26270	110	13	network	network	NOUN
fbem-26270	110	14	that	that	PRON
fbem-26270	110	15	vastly	vastly	ADV
fbem-26270	110	16	exceeds	exceed	VERB
fbem-26270	110	17	the	the	DET
fbem-26270	110	18	size	size	NOUN
fbem-26270	110	19	and	and	CCONJ
fbem-26270	110	20	utilization	utilization	NOUN
fbem-26270	110	21	of	of	ADP
fbem-26270	110	22	other	other	ADJ
fbem-26270	110	23	countries	country	NOUN
fbem-26270	110	24	'	'	PART
fbem-26270	110	25	systems	system	NOUN
fbem-26270	110	26	.	.	PUNCT
fbem-26270	111	1	this	this	DET
fbem-26270	111	2	aggressive	aggressive	ADJ
fbem-26270	111	3	expansion	expansion	NOUN
fbem-26270	111	4	underscores	underscore	VERB
fbem-26270	111	5	china	china	PROPN
fbem-26270	111	6	’s	’s	PART
fbem-26270	111	7	strategic	strategic	ADJ
fbem-26270	111	8	focus	focus	NOUN
fbem-26270	111	9	on	on	ADP
fbem-26270	111	10	enhancing	enhance	VERB
fbem-26270	111	11	transportation	transportation	NOUN
fbem-26270	111	12	infrastructure	infrastructure	NOUN
fbem-26270	111	13	,	,	PUNCT
fbem-26270	111	14	even	even	ADV
fbem-26270	111	15	as	as	SCONJ
fbem-26270	111	16	passenger	passenger	NOUN
fbem-26270	111	17	growth	growth	NOUN
fbem-26270	111	18	lags	lag	VERB
fbem-26270	111	19	behind	behind	ADV
fbem-26270	111	20	.	.	PUNCT
fbem-26270	112	1	figure	figure	VERB
fbem-26270	112	2	8	8	NUM
fbem-26270	112	3	.	.	PUNCT
fbem-26270	113	1	comparative	comparative	ADJ
fbem-26270	113	2	analysis	analysis	NOUN
fbem-26270	113	3	of	of	ADP
fbem-26270	113	4	high	high	ADJ
fbem-26270	113	5	-	-	PUNCT
fbem-26270	113	6	speed	speed	NOUN
fbem-26270	113	7	railway	railway	NOUN
fbem-26270	113	8	passenger	passenger	NOUN
fbem-26270	113	9	growth	growth	NOUN
fbem-26270	113	10	and	and	CCONJ
fbem-26270	113	11	construction	construction	NOUN
fbem-26270	113	12	expansion	expansion	NOUN
fbem-26270	113	13	figure	figure	NOUN
fbem-26270	113	14	9	9	NUM
fbem-26270	113	15	shows	show	VERB
fbem-26270	113	16	the	the	DET
fbem-26270	113	17	stock	stock	NOUN
fbem-26270	113	18	of	of	ADP
fbem-26270	113	19	sewage	sewage	NOUN
fbem-26270	113	20	pipes	pipe	NOUN
fbem-26270	113	21	in	in	ADP
fbem-26270	113	22	tier	tier	NOUN
fbem-26270	113	23	3	3	NUM
fbem-26270	113	24	cities	city	NOUN
fbem-26270	113	25	,	,	PUNCT
fbem-26270	113	26	revealing	reveal	VERB
fbem-26270	113	27	a	a	DET
fbem-26270	113	28	heavy	heavy	ADJ
fbem-26270	113	29	concentration	concentration	NOUN
fbem-26270	113	30	of	of	ADP
fbem-26270	113	31	infrastructure	infrastructure	NOUN
fbem-26270	113	32	investment	investment	NOUN
fbem-26270	113	33	in	in	ADP
fbem-26270	113	34	these	these	DET
fbem-26270	113	35	smaller	small	ADJ
fbem-26270	113	36	cities	city	NOUN
fbem-26270	113	37	.	.	PUNCT
fbem-26270	114	1	this	this	DET
fbem-26270	114	2	figure	figure	NOUN
fbem-26270	114	3	underscores	underscore	VERB
fbem-26270	114	4	the	the	DET
fbem-26270	114	5	disproportionate	disproportionate	ADJ
fbem-26270	114	6	allocation	allocation	NOUN
fbem-26270	114	7	of	of	ADP
fbem-26270	114	8	infrastructure	infrastructure	NOUN
fbem-26270	114	9	resources	resource	NOUN
fbem-26270	114	10	to	to	PART
fbem-26270	114	11	tier	tier	VERB
fbem-26270	114	12	3	3	NUM
fbem-26270	114	13	cities	city	NOUN
fbem-26270	114	14	.	.	PUNCT
fbem-26270	115	1	the	the	DET
fbem-26270	115	2	data	datum	NOUN
fbem-26270	115	3	reveal	reveal	VERB
fbem-26270	115	4	a	a	DET
fbem-26270	115	5	heavy	heavy	ADJ
fbem-26270	115	6	concentration	concentration	NOUN
fbem-26270	115	7	of	of	ADP
fbem-26270	115	8	sewage	sewage	NOUN
fbem-26270	115	9	infrastructure	infrastructure	NOUN
fbem-26270	115	10	investment	investment	NOUN
fbem-26270	115	11	in	in	ADP
fbem-26270	115	12	tier	tier	NOUN
fbem-26270	115	13	3	3	NUM
fbem-26270	115	14	cities	city	NOUN
fbem-26270	115	15	,	,	PUNCT
fbem-26270	115	16	reflecting	reflect	VERB
fbem-26270	115	17	a	a	DET
fbem-26270	115	18	significant	significant	ADJ
fbem-26270	115	19	allocation	allocation	NOUN
fbem-26270	115	20	of	of	ADP
fbem-26270	115	21	resources	resource	NOUN
fbem-26270	115	22	to	to	ADP
fbem-26270	115	23	these	these	DET
fbem-26270	115	24	areas	area	NOUN
fbem-26270	115	25	.	.	PUNCT
fbem-26270	116	1	this	this	DET
fbem-26270	116	2	disproportionate	disproportionate	ADJ
fbem-26270	116	3	investment	investment	NOUN
fbem-26270	116	4	indicates	indicate	VERB
fbem-26270	116	5	a	a	DET
fbem-26270	116	6	focus	focus	NOUN
fbem-26270	116	7	on	on	ADP
fbem-26270	116	8	improving	improve	VERB
fbem-26270	116	9	basic	basic	ADJ
fbem-26270	116	10	infrastructure	infrastructure	NOUN
fbem-26270	116	11	in	in	ADP
fbem-26270	116	12	less	less	ADJ
fbem-26270	116	13	developed	developed	ADJ
fbem-26270	116	14	cities	city	NOUN
fbem-26270	116	15	,	,	PUNCT
fbem-26270	116	16	although	although	SCONJ
fbem-26270	116	17	it	it	PRON
fbem-26270	116	18	also	also	ADV
fbem-26270	116	19	raises	raise	VERB
fbem-26270	116	20	questions	question	NOUN
fbem-26270	116	21	about	about	ADP
fbem-26270	116	22	the	the	DET
fbem-26270	116	23	efficiency	efficiency	NOUN
fbem-26270	116	24	and	and	CCONJ
fbem-26270	116	25	effectiveness	effectiveness	NOUN
fbem-26270	116	26	of	of	ADP
fbem-26270	116	27	such	such	ADJ
fbem-26270	116	28	investments	investment	NOUN
fbem-26270	116	29	given	give	VERB
fbem-26270	116	30	the	the	DET
fbem-26270	116	31	economic	economic	ADJ
fbem-26270	116	32	challenges	challenge	NOUN
fbem-26270	116	33	faced	face	VERB
fbem-26270	116	34	by	by	ADP
fbem-26270	116	35	these	these	DET
fbem-26270	116	36	regions	region	NOUN
fbem-26270	116	37	.	.	PUNCT
fbem-26270	117	1	figure	figure	NOUN
fbem-26270	117	2	9	9	NUM
fbem-26270	117	3	.	.	NOUN
fbem-26270	117	4	length	length	NOUN
fbem-26270	117	5	of	of	ADP
fbem-26270	117	6	sewage	sewage	NOUN
fbem-26270	117	7	pipes	pipe	NOUN
fbem-26270	117	8	by	by	ADP
fbem-26270	117	9	city	city	NOUN
fbem-26270	117	10	tier	tier	NOUN
fbem-26270	117	11	figure	figure	NOUN
fbem-26270	117	12	10	10	NUM
fbem-26270	117	13	presents	present	VERB
fbem-26270	117	14	the	the	DET
fbem-26270	117	15	flow	flow	NOUN
fbem-26270	117	16	of	of	ADP
fbem-26270	117	17	new	new	ADJ
fbem-26270	117	18	road	road	NOUN
fbem-26270	117	19	construction	construction	NOUN
fbem-26270	117	20	,	,	PUNCT
fbem-26270	117	21	reflecting	reflect	VERB
fbem-26270	117	22	similar	similar	ADJ
fbem-26270	117	23	trends	trend	NOUN
fbem-26270	117	24	as	as	ADP
fbem-26270	117	25	other	other	ADJ
fbem-26270	117	26	infrastructure	infrastructure	NOUN
fbem-26270	117	27	investments	investment	NOUN
fbem-26270	117	28	.	.	PUNCT
fbem-26270	118	1	the	the	DET
fbem-26270	118	2	data	datum	NOUN
fbem-26270	118	3	indicate	indicate	VERB
fbem-26270	118	4	a	a	DET
fbem-26270	118	5	substantial	substantial	ADJ
fbem-26270	118	6	ongoing	ongoing	ADJ
fbem-26270	118	7	investment	investment	NOUN
fbem-26270	118	8	in	in	ADP
fbem-26270	118	9	road	road	NOUN
fbem-26270	118	10	infrastructure	infrastructure	NOUN
fbem-26270	118	11	,	,	PUNCT
fbem-26270	118	12	particularly	particularly	ADV
fbem-26270	118	13	in	in	ADP
fbem-26270	118	14	tier	tier	NOUN
fbem-26270	118	15	3	3	NUM
fbem-26270	118	16	cities	city	NOUN
fbem-26270	118	17	.	.	PUNCT
fbem-26270	119	1	the	the	DET
fbem-26270	119	2	data	datum	NOUN
fbem-26270	119	3	highlight	highlight	VERB
fbem-26270	119	4	substantial	substantial	ADJ
fbem-26270	119	5	ongoing	ongoing	ADJ
fbem-26270	119	6	investment	investment	NOUN
fbem-26270	119	7	in	in	ADP
fbem-26270	119	8	road	road	NOUN
fbem-26270	119	9	infrastructure	infrastructure	NOUN
fbem-26270	119	10	,	,	PUNCT
fbem-26270	119	11	particularly	particularly	ADV
fbem-26270	119	12	in	in	ADP
fbem-26270	119	13	tier	tier	NOUN
fbem-26270	119	14	3	3	NUM
fbem-26270	119	15	cities	city	NOUN
fbem-26270	119	16	.	.	PUNCT
fbem-26270	120	1	this	this	DET
fbem-26270	120	2	trend	trend	NOUN
fbem-26270	120	3	is	be	AUX
fbem-26270	120	4	consistent	consistent	ADJ
fbem-26270	120	5	with	with	ADP
fbem-26270	120	6	other	other	ADJ
fbem-26270	120	7	infrastructure	infrastructure	NOUN
fbem-26270	120	8	investments	investment	NOUN
fbem-26270	120	9	,	,	PUNCT
fbem-26270	120	10	reinforcing	reinforce	VERB
fbem-26270	120	11	the	the	DET
fbem-26270	120	12	pattern	pattern	NOUN
fbem-26270	120	13	of	of	ADP
fbem-26270	120	14	directing	direct	VERB
fbem-26270	120	15	resources	resource	NOUN
fbem-26270	120	16	toward	toward	ADP
fbem-26270	120	17	smaller	small	ADJ
fbem-26270	120	18	cities	city	NOUN
fbem-26270	120	19	.	.	PUNCT
fbem-26270	121	1	the	the	DET
fbem-26270	121	2	figures	figure	NOUN
fbem-26270	121	3	illustrate	illustrate	VERB
fbem-26270	121	4	the	the	DET
fbem-26270	121	5	extensive	extensive	ADJ
fbem-26270	121	6	efforts	effort	NOUN
fbem-26270	121	7	to	to	PART
fbem-26270	121	8	enhance	enhance	VERB
fbem-26270	121	9	transportation	transportation	NOUN
fbem-26270	121	10	networks	network	NOUN
fbem-26270	121	11	,	,	PUNCT
fbem-26270	121	12	although	although	SCONJ
fbem-26270	121	13	they	they	PRON
fbem-26270	121	14	also	also	ADV
fbem-26270	121	15	suggest	suggest	VERB
fbem-26270	121	16	potential	potential	ADJ
fbem-26270	121	17	oversupply	oversupply	ADJ
fbem-26270	121	18	and	and	CCONJ
fbem-26270	121	19	financial	financial	ADJ
fbem-26270	121	20	strain	strain	NOUN
fbem-26270	121	21	in	in	ADP
fbem-26270	121	22	areas	area	NOUN
fbem-26270	121	23	with	with	ADP
fbem-26270	121	24	limited	limited	ADJ
fbem-26270	121	25	economic	economic	ADJ
fbem-26270	121	26	growth	growth	NOUN
fbem-26270	121	27	[	[	X
fbem-26270	121	28	23	23	NUM
fbem-26270	121	29	]	]	PUNCT
fbem-26270	121	30	.	.	PUNCT
fbem-26270	122	1	figure	figure	NOUN
fbem-26270	122	2	10	10	NUM
fbem-26270	122	3	.	.	PUNCT
fbem-26270	123	1	new	new	ADJ
fbem-26270	123	2	road	road	NOUN
fbem-26270	123	3	construction	construction	NOUN
fbem-26270	123	4	from	from	ADP
fbem-26270	123	5	2012	2012	NUM
fbem-26270	123	6	to	to	ADP
fbem-26270	123	7	2020	2020	NUM
fbem-26270	123	8	270	270	NUM
fbem-26270	123	9	evidence	evidence	NOUN
fbem-26270	123	10	of	of	ADP
fbem-26270	123	11	overbuilding	overbuilding	NOUN
fbem-26270	123	12	is	be	AUX
fbem-26270	123	13	particularly	particularly	ADV
fbem-26270	123	14	stark	stark	ADJ
fbem-26270	123	15	in	in	ADP
fbem-26270	123	16	tier	tier	NOUN
fbem-26270	123	17	3	3	NUM
fbem-26270	123	18	cities	city	NOUN
fbem-26270	123	19	,	,	PUNCT
fbem-26270	123	20	where	where	SCONJ
fbem-26270	123	21	the	the	DET
fbem-26270	123	22	ratio	ratio	NOUN
fbem-26270	123	23	of	of	ADP
fbem-26270	123	24	housing	housing	NOUN
fbem-26270	123	25	under	under	ADP
fbem-26270	123	26	construction	construction	NOUN
fbem-26270	123	27	to	to	ADP
fbem-26270	123	28	completed	complete	VERB
fbem-26270	123	29	projects	project	NOUN
fbem-26270	123	30	stood	stand	VERB
fbem-26270	123	31	at	at	ADP
fbem-26270	123	32	10.6	10.6	NUM
fbem-26270	123	33	in	in	ADP
fbem-26270	123	34	2020	2020	NUM
fbem-26270	123	35	,	,	PUNCT
fbem-26270	123	36	up	up	ADV
fbem-26270	123	37	from	from	ADP
fbem-26270	123	38	just	just	ADV
fbem-26270	123	39	over	over	ADP
fbem-26270	123	40	6	6	NUM
fbem-26270	123	41	in	in	ADP
fbem-26270	123	42	2011	2011	NUM
fbem-26270	123	43	.	.	PUNCT
fbem-26270	124	1	this	this	DET
fbem-26270	124	2	high	high	ADJ
fbem-26270	124	3	ratio	ratio	NOUN
fbem-26270	124	4	indicates	indicate	VERB
fbem-26270	124	5	a	a	DET
fbem-26270	124	6	market	market	NOUN
fbem-26270	124	7	under	under	ADP
fbem-26270	124	8	significant	significant	ADJ
fbem-26270	124	9	stress	stress	NOUN
fbem-26270	124	10	,	,	PUNCT
fbem-26270	124	11	where	where	SCONJ
fbem-26270	124	12	developers	developer	NOUN
fbem-26270	124	13	struggle	struggle	VERB
fbem-26270	124	14	to	to	PART
fbem-26270	124	15	complete	complete	VERB
fbem-26270	124	16	projects	project	NOUN
fbem-26270	124	17	due	due	ADJ
fbem-26270	124	18	to	to	ADP
fbem-26270	124	19	a	a	DET
fbem-26270	124	20	lack	lack	NOUN
fbem-26270	124	21	of	of	ADP
fbem-26270	124	22	final	final	ADJ
fbem-26270	124	23	buyers	buyer	NOUN
fbem-26270	124	24	and	and	CCONJ
fbem-26270	124	25	funding	funding	NOUN
fbem-26270	124	26	challenges	challenge	NOUN
fbem-26270	124	27	.	.	PUNCT
fbem-26270	125	1	this	this	DET
fbem-26270	125	2	problem	problem	NOUN
fbem-26270	125	3	is	be	AUX
fbem-26270	125	4	mirrored	mirror	VERB
fbem-26270	125	5	in	in	ADP
fbem-26270	125	6	the	the	DET
fbem-26270	125	7	commercial	commercial	ADJ
fbem-26270	125	8	real	real	ADJ
fbem-26270	125	9	estate	estate	NOUN
fbem-26270	125	10	sector	sector	NOUN
fbem-26270	125	11	,	,	PUNCT
fbem-26270	125	12	where	where	SCONJ
fbem-26270	125	13	the	the	DET
fbem-26270	125	14	ratio	ratio	NOUN
fbem-26270	125	15	of	of	ADP
fbem-26270	125	16	commercial	commercial	ADJ
fbem-26270	125	17	properties	property	NOUN
fbem-26270	125	18	under	under	ADP
fbem-26270	125	19	construction	construction	NOUN
fbem-26270	125	20	to	to	ADP
fbem-26270	125	21	those	those	PRON
fbem-26270	125	22	completed	complete	VERB
fbem-26270	125	23	has	have	AUX
fbem-26270	125	24	also	also	ADV
fbem-26270	125	25	been	be	AUX
fbem-26270	125	26	rising	rise	VERB
fbem-26270	125	27	steadily	steadily	ADV
fbem-26270	125	28	.	.	PUNCT
fbem-26270	126	1	infrastructure	infrastructure	NOUN
fbem-26270	126	2	investment	investment	NOUN
fbem-26270	126	3	has	have	AUX
fbem-26270	126	4	similarly	similarly	ADV
fbem-26270	126	5	been	be	AUX
fbem-26270	126	6	substantial	substantial	ADJ
fbem-26270	126	7	,	,	PUNCT
fbem-26270	126	8	with	with	ADP
fbem-26270	126	9	china	china	PROPN
fbem-26270	126	10	boasting	boast	VERB
fbem-26270	126	11	the	the	DET
fbem-26270	126	12	world	world	NOUN
fbem-26270	126	13	's	's	PART
fbem-26270	126	14	largest	large	ADJ
fbem-26270	126	15	and	and	CCONJ
fbem-26270	126	16	most	most	ADV
fbem-26270	126	17	extensively	extensively	ADV
fbem-26270	126	18	used	use	VERB
fbem-26270	126	19	high	high	ADJ
fbem-26270	126	20	-	-	PUNCT
fbem-26270	126	21	speed	speed	NOUN
fbem-26270	126	22	rail	rail	NOUN
fbem-26270	126	23	network	network	NOUN
fbem-26270	126	24	.	.	PUNCT
fbem-26270	127	1	despite	despite	SCONJ
fbem-26270	127	2	the	the	DET
fbem-26270	127	3	significant	significant	ADJ
fbem-26270	127	4	financial	financial	ADJ
fbem-26270	127	5	liabilities	liability	NOUN
fbem-26270	127	6	of	of	ADP
fbem-26270	127	7	entities	entity	NOUN
fbem-26270	127	8	like	like	ADP
fbem-26270	127	9	china	china	PROPN
fbem-26270	127	10	state	state	PROPN
fbem-26270	127	11	railway	railway	NOUN
fbem-26270	127	12	group	group	NOUN
fbem-26270	127	13	,	,	PUNCT
fbem-26270	127	14	the	the	DET
fbem-26270	127	15	expansion	expansion	NOUN
fbem-26270	127	16	of	of	ADP
fbem-26270	127	17	this	this	DET
fbem-26270	127	18	network	network	NOUN
fbem-26270	127	19	continues	continue	VERB
fbem-26270	127	20	at	at	ADP
fbem-26270	127	21	a	a	DET
fbem-26270	127	22	pace	pace	NOUN
fbem-26270	127	23	far	far	ADV
fbem-26270	127	24	exceeding	exceed	VERB
fbem-26270	127	25	passenger	passenger	NOUN
fbem-26270	127	26	growth	growth	NOUN
fbem-26270	127	27	.	.	PUNCT
fbem-26270	128	1	the	the	DET
fbem-26270	128	2	majority	majority	NOUN
fbem-26270	128	3	of	of	ADP
fbem-26270	128	4	infrastructure	infrastructure	NOUN
fbem-26270	128	5	investment	investment	NOUN
fbem-26270	128	6	has	have	AUX
fbem-26270	128	7	also	also	ADV
fbem-26270	128	8	been	be	AUX
fbem-26270	128	9	directed	direct	VERB
fbem-26270	128	10	toward	toward	ADP
fbem-26270	128	11	tier	tier	NOUN
fbem-26270	128	12	3	3	NUM
fbem-26270	128	13	cities	city	NOUN
fbem-26270	128	14	.	.	PUNCT
fbem-26270	129	1	for	for	ADP
fbem-26270	129	2	example	example	NOUN
fbem-26270	129	3	,	,	PUNCT
fbem-26270	129	4	figure	figure	NOUN
fbem-26270	129	5	9	9	NUM
fbem-26270	129	6	reveals	reveal	VERB
fbem-26270	129	7	that	that	SCONJ
fbem-26270	129	8	sewage	sewage	NOUN
fbem-26270	129	9	infrastructure	infrastructure	NOUN
fbem-26270	129	10	investment	investment	NOUN
fbem-26270	129	11	is	be	AUX
fbem-26270	129	12	disproportionately	disproportionately	ADV
fbem-26270	129	13	concentrated	concentrate	VERB
fbem-26270	129	14	in	in	ADP
fbem-26270	129	15	these	these	DET
fbem-26270	129	16	smaller	small	ADJ
fbem-26270	129	17	cities	city	NOUN
fbem-26270	129	18	,	,	PUNCT
fbem-26270	129	19	while	while	SCONJ
fbem-26270	129	20	figure	figure	NOUN
fbem-26270	129	21	10	10	NUM
fbem-26270	129	22	illustrates	illustrate	VERB
fbem-26270	129	23	a	a	DET
fbem-26270	129	24	similar	similar	ADJ
fbem-26270	129	25	trend	trend	NOUN
fbem-26270	129	26	in	in	ADP
fbem-26270	129	27	road	road	NOUN
fbem-26270	129	28	construction	construction	NOUN
fbem-26270	129	29	.	.	PUNCT
fbem-26270	130	1	in	in	ADP
fbem-26270	130	2	summary	summary	NOUN
fbem-26270	130	3	,	,	PUNCT
fbem-26270	130	4	while	while	SCONJ
fbem-26270	130	5	china	china	PROPN
fbem-26270	130	6	’s	’s	PART
fbem-26270	130	7	real	real	ADJ
fbem-26270	130	8	estate	estate	NOUN
fbem-26270	130	9	and	and	CCONJ
fbem-26270	130	10	infrastructure	infrastructure	NOUN
fbem-26270	130	11	sectors	sector	NOUN
fbem-26270	130	12	have	have	AUX
fbem-26270	130	13	played	play	VERB
fbem-26270	130	14	a	a	DET
fbem-26270	130	15	crucial	crucial	ADJ
fbem-26270	130	16	role	role	NOUN
fbem-26270	130	17	in	in	ADP
fbem-26270	130	18	the	the	DET
fbem-26270	130	19	country	country	NOUN
fbem-26270	130	20	’s	’s	PART
fbem-26270	130	21	development	development	NOUN
fbem-26270	130	22	,	,	PUNCT
fbem-26270	130	23	the	the	DET
fbem-26270	130	24	enormous	enormous	ADJ
fbem-26270	130	25	scale	scale	NOUN
fbem-26270	130	26	of	of	ADP
fbem-26270	130	27	investment	investment	NOUN
fbem-26270	130	28	and	and	CCONJ
fbem-26270	130	29	construction	construction	NOUN
fbem-26270	130	30	poses	pose	VERB
fbem-26270	130	31	serious	serious	ADJ
fbem-26270	130	32	challenges	challenge	NOUN
fbem-26270	130	33	.	.	PUNCT
fbem-26270	131	1	overbuilding	overbuilde	VERB
fbem-26270	131	2	,	,	PUNCT
fbem-26270	131	3	particularly	particularly	ADV
fbem-26270	131	4	in	in	ADP
fbem-26270	131	5	tier	tier	NOUN
fbem-26270	131	6	3	3	NUM
fbem-26270	131	7	cities	city	NOUN
fbem-26270	131	8	,	,	PUNCT
fbem-26270	131	9	coupled	couple	VERB
fbem-26270	131	10	with	with	ADP
fbem-26270	131	11	financial	financial	ADJ
fbem-26270	131	12	strains	strain	NOUN
fbem-26270	131	13	,	,	PUNCT
fbem-26270	131	14	suggests	suggest	VERB
fbem-26270	131	15	a	a	DET
fbem-26270	131	16	need	need	NOUN
fbem-26270	131	17	for	for	ADP
fbem-26270	131	18	strategic	strategic	ADJ
fbem-26270	131	19	reassessment	reassessment	NOUN
fbem-26270	131	20	of	of	ADP
fbem-26270	131	21	future	future	ADJ
fbem-26270	131	22	investment	investment	NOUN
fbem-26270	131	23	in	in	ADP
fbem-26270	131	24	these	these	DET
fbem-26270	131	25	sectors	sector	NOUN
fbem-26270	131	26	.	.	PUNCT
fbem-26270	132	1	3	3	X
fbem-26270	132	2	.	.	X
fbem-26270	132	3	analysis	analysis	NOUN
fbem-26270	132	4	of	of	ADP
fbem-26270	132	5	real	real	ADJ
fbem-26270	132	6	estate	estate	NOUN
fbem-26270	132	7	investment	investment	NOUN
fbem-26270	132	8	and	and	CCONJ
fbem-26270	132	9	economic	economic	ADJ
fbem-26270	132	10	growth	growth	NOUN
fbem-26270	132	11	regressions	regression	NOUN
fbem-26270	132	12	we	we	PRON
fbem-26270	132	13	have	have	AUX
fbem-26270	132	14	proposed	propose	VERB
fbem-26270	132	15	that	that	SCONJ
fbem-26270	132	16	,	,	PUNCT
fbem-26270	132	17	given	give	VERB
fbem-26270	132	18	the	the	DET
fbem-26270	132	19	extensive	extensive	ADJ
fbem-26270	132	20	cumulative	cumulative	ADJ
fbem-26270	132	21	investment	investment	NOUN
fbem-26270	132	22	in	in	ADP
fbem-26270	132	23	real	real	ADJ
fbem-26270	132	24	estate	estate	NOUN
fbem-26270	132	25	,	,	PUNCT
fbem-26270	132	26	diminishing	diminish	VERB
fbem-26270	132	27	returns	return	NOUN
fbem-26270	132	28	to	to	ADP
fbem-26270	132	29	such	such	ADJ
fbem-26270	132	30	investments	investment	NOUN
fbem-26270	132	31	are	be	AUX
fbem-26270	132	32	likely	likely	ADV
fbem-26270	132	33	starting	start	VERB
fbem-26270	132	34	to	to	PART
fbem-26270	132	35	emerge	emerge	VERB
fbem-26270	132	36	.	.	PUNCT
fbem-26270	133	1	to	to	PART
fbem-26270	133	2	substantiate	substantiate	VERB
fbem-26270	133	3	this	this	DET
fbem-26270	133	4	hypothesis	hypothesis	NOUN
fbem-26270	133	5	with	with	ADP
fbem-26270	133	6	empirical	empirical	ADJ
fbem-26270	133	7	evidence	evidence	NOUN
fbem-26270	133	8	,	,	PUNCT
fbem-26270	133	9	we	we	PRON
fbem-26270	133	10	conduct	conduct	VERB
fbem-26270	133	11	a	a	DET
fbem-26270	133	12	statistical	statistical	ADJ
fbem-26270	133	13	analysis	analysis	NOUN
fbem-26270	133	14	.	.	PUNCT
fbem-26270	134	1	table	table	NOUN
fbem-26270	134	2	2	2	NUM
fbem-26270	134	3	details	detail	NOUN
fbem-26270	134	4	the	the	DET
fbem-26270	134	5	results	result	NOUN
fbem-26270	134	6	from	from	ADP
fbem-26270	134	7	regressions	regression	NOUN
fbem-26270	134	8	examining	examine	VERB
fbem-26270	134	9	city	city	NOUN
fbem-26270	134	10	-	-	PUNCT
fbem-26270	134	11	level	level	NOUN
fbem-26270	134	12	growth	growth	NOUN
fbem-26270	134	13	rates	rate	NOUN
fbem-26270	134	14	.	.	PUNCT
fbem-26270	135	1	to	to	PART
fbem-26270	135	2	mitigate	mitigate	VERB
fbem-26270	135	3	endogeneity	endogeneity	NOUN
fbem-26270	135	4	concerns	concern	NOUN
fbem-26270	135	5	—	—	PUNCT
fbem-26270	135	6	where	where	SCONJ
fbem-26270	135	7	real	real	ADJ
fbem-26270	135	8	estate	estate	NOUN
fbem-26270	135	9	investments	investment	NOUN
fbem-26270	135	10	may	may	AUX
fbem-26270	135	11	be	be	AUX
fbem-26270	135	12	both	both	CCONJ
fbem-26270	135	13	a	a	DET
fbem-26270	135	14	response	response	NOUN
fbem-26270	135	15	to	to	ADP
fbem-26270	135	16	and	and	CCONJ
fbem-26270	135	17	a	a	DET
fbem-26270	135	18	driver	driver	NOUN
fbem-26270	135	19	of	of	ADP
fbem-26270	135	20	growth	growth	NOUN
fbem-26270	135	21	—	—	PUNCT
fbem-26270	135	22	we	we	PRON
fbem-26270	135	23	employ	employ	VERB
fbem-26270	135	24	a	a	DET
fbem-26270	135	25	shift	shift	NOUN
fbem-26270	135	26	-	-	PUNCT
fbem-26270	135	27	share	share	NOUN
fbem-26270	135	28	instrumental	instrumental	ADJ
fbem-26270	135	29	variable	variable	ADJ
fbem-26270	135	30	approach	approach	NOUN
fbem-26270	135	31	,	,	PUNCT
fbem-26270	135	32	following	follow	VERB
fbem-26270	135	33	the	the	DET
fbem-26270	135	34	methodology	methodology	NOUN
fbem-26270	135	35	of	of	ADP
fbem-26270	135	36	goldsmith	goldsmith	PROPN
fbem-26270	135	37	-	-	PUNCT
fbem-26270	135	38	pinkham	pinkham	PROPN
fbem-26270	135	39	et	et	PROPN
fbem-26270	135	40	al	al	PROPN
fbem-26270	135	41	.	.	PROPN
fbem-26270	135	42	(	(	PUNCT
fbem-26270	135	43	2020	2020	NUM
fbem-26270	135	44	)	)	PUNCT
fbem-26270	135	45	.	.	PUNCT
fbem-26270	136	1	this	this	DET
fbem-26270	136	2	approach	approach	NOUN
fbem-26270	136	3	integrates	integrate	NOUN
fbem-26270	136	4	lagged	lag	VERB
fbem-26270	136	5	city	city	NOUN
fbem-26270	136	6	-	-	PUNCT
fbem-26270	136	7	level	level	NOUN
fbem-26270	136	8	real	real	ADJ
fbem-26270	136	9	estate	estate	NOUN
fbem-26270	136	10	investment	investment	NOUN
fbem-26270	136	11	ratios	ratio	NOUN
fbem-26270	136	12	with	with	ADP
fbem-26270	136	13	nationallevel	nationallevel	ADJ
fbem-26270	136	14	real	real	ADJ
fbem-26270	136	15	estate	estate	NOUN
fbem-26270	136	16	investment	investment	NOUN
fbem-26270	136	17	growth	growth	NOUN
fbem-26270	136	18	to	to	PART
fbem-26270	136	19	form	form	VERB
fbem-26270	136	20	the	the	DET
fbem-26270	136	21	instrument	instrument	NOUN
fbem-26270	136	22	.	.	PUNCT
fbem-26270	137	1	our	our	PRON
fbem-26270	137	2	results	result	NOUN
fbem-26270	137	3	,	,	PUNCT
fbem-26270	137	4	demonstrate	demonstrate	VERB
fbem-26270	137	5	that	that	SCONJ
fbem-26270	137	6	the	the	DET
fbem-26270	137	7	conclusions	conclusion	NOUN
fbem-26270	137	8	are	be	AUX
fbem-26270	137	9	stable	stable	ADJ
fbem-26270	137	10	across	across	ADP
fbem-26270	137	11	various	various	ADJ
fbem-26270	137	12	alternative	alternative	ADJ
fbem-26270	137	13	instruments	instrument	NOUN
fbem-26270	137	14	,	,	PUNCT
fbem-26270	137	15	reinforcing	reinforce	VERB
fbem-26270	137	16	the	the	DET
fbem-26270	137	17	reliability	reliability	NOUN
fbem-26270	137	18	of	of	ADP
fbem-26270	137	19	our	our	PRON
fbem-26270	137	20	findings	finding	NOUN
fbem-26270	137	21	.	.	PUNCT
fbem-26270	138	1	𝑋𝑖,𝑡+1	𝑋𝑖,𝑡+1	NOUN
fbem-26270	138	2	=	=	SYM
fbem-26270	138	3	∝	∝	X
fbem-26270	138	4	+	+	PROPN
fbem-26270	138	5	𝛽	𝛽	NOUN
fbem-26270	138	6	+	+	X
fbem-26270	138	7	𝐼𝑉𝑖,𝑡	𝐼𝑉𝑖,𝑡	VERB
fbem-26270	138	8	×	×	NOUN
fbem-26270	138	9	𝐵	𝐵	NOUN
fbem-26270	138	10	+	+	CCONJ
fbem-26270	138	11	𝐼𝑉𝑖,𝑡	𝐼𝑉𝑖,𝑡	PROPN
fbem-26270	138	12	×	×	NOUN
fbem-26270	138	13	𝑆𝑖,𝑡−1	𝑆𝑖,𝑡−1	ADJ
fbem-26270	138	14	∏𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑖,𝑡	∏𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑖,𝑡	NOUN
fbem-26270	138	15	+	+	CCONJ
fbem-26270	138	16	𝛿𝑖	𝛿𝑖	NOUN
fbem-26270	138	17	+	+	CCONJ
fbem-26270	138	18	𝑖,𝑡	𝑖,𝑡	ADJ
fbem-26270	138	19	(	(	PUNCT
fbem-26270	138	20	1	1	NUM
fbem-26270	138	21	)	)	PUNCT
fbem-26270	138	22	𝑌𝑖,𝑡+1	𝑌𝑖,𝑡+1	NOUN
fbem-26270	138	23	=	=	PUNCT
fbem-26270	139	1	𝑎	𝑎	PROPN
fbem-26270	139	2	+	+	NOUN
fbem-26270	139	3	𝑏	𝑏	NOUN
fbem-26270	139	4	+	+	CCONJ
fbem-26270	140	1	𝐼𝑉𝑖,𝑡	𝐼𝑉𝑖,𝑡	VERB
fbem-26270	140	2	×	×	NOUN
fbem-26270	140	3	𝐵	𝐵	NOUN
fbem-26270	140	4	+	+	CCONJ
fbem-26270	141	1	𝐼𝑉𝑖,𝑡	𝐼𝑉𝑖,𝑡	PROPN
fbem-26270	141	2	×	×	NOUN
fbem-26270	141	3	𝑆𝑖,𝑡−1	𝑆𝑖,𝑡−1	PUNCT
fbem-26270	141	4	∏	∏	PROPN
fbem-26270	141	5	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑖,𝑡	𝐶𝑜𝑛𝑡𝑟𝑜𝑙𝑖,𝑡	X
fbem-26270	141	6	+	+	CCONJ
fbem-26270	141	7	𝛿𝑖	𝛿𝑖	ADJ
fbem-26270	141	8	+	+	CCONJ
fbem-26270	141	9	𝑖,𝑡	𝑖,𝑡	ADJ
fbem-26270	141	10	(	(	PUNCT
fbem-26270	141	11	2	2	NUM
fbem-26270	141	12	)	)	PUNCT
fbem-26270	141	13	in	in	ADP
fbem-26270	141	14	this	this	DET
fbem-26270	141	15	study	study	NOUN
fbem-26270	141	16	,	,	PUNCT
fbem-26270	141	17	we	we	PRON
fbem-26270	141	18	analyze	analyze	VERB
fbem-26270	141	19	city	city	NOUN
fbem-26270	141	20	-	-	PUNCT
fbem-26270	141	21	level	level	NOUN
fbem-26270	141	22	data	datum	NOUN
fbem-26270	141	23	to	to	PART
fbem-26270	141	24	investigate	investigate	VERB
fbem-26270	141	25	the	the	DET
fbem-26270	141	26	impact	impact	NOUN
fbem-26270	141	27	of	of	ADP
fbem-26270	141	28	cumulative	cumulative	ADJ
fbem-26270	141	29	real	real	ADJ
fbem-26270	141	30	estate	estate	NOUN
fbem-26270	141	31	investment	investment	NOUN
fbem-26270	141	32	on	on	ADP
fbem-26270	141	33	economic	economic	ADJ
fbem-26270	141	34	growth	growth	NOUN
fbem-26270	141	35	,	,	PUNCT
fbem-26270	141	36	particularly	particularly	ADV
fbem-26270	141	37	focusing	focus	VERB
fbem-26270	141	38	on	on	ADP
fbem-26270	141	39	the	the	DET
fbem-26270	141	40	potential	potential	ADJ
fbem-26270	141	41	diminishing	diminishing	NOUN
fbem-26270	141	42	returns	return	NOUN
fbem-26270	141	43	associated	associate	VERB
fbem-26270	141	44	with	with	ADP
fbem-26270	141	45	such	such	ADJ
fbem-26270	141	46	investments	investment	NOUN
fbem-26270	141	47	.	.	PUNCT
fbem-26270	142	1	the	the	DET
fbem-26270	142	2	analysis	analysis	NOUN
fbem-26270	142	3	is	be	AUX
fbem-26270	142	4	structured	structure	VERB
fbem-26270	142	5	as	as	SCONJ
fbem-26270	142	6	follows	follow	VERB
fbem-26270	142	7	:	:	PUNCT
fbem-26270	142	8	(	(	PUNCT
fbem-26270	142	9	1	1	X
fbem-26270	142	10	)	)	PUNCT
fbem-26270	142	11	first	first	ADJ
fbem-26270	142	12	-	-	PUNCT
fbem-26270	142	13	stage	stage	NOUN
fbem-26270	142	14	regression	regression	NOUN
fbem-26270	142	15	:	:	PUNCT
fbem-26270	142	16	we	we	PRON
fbem-26270	142	17	perform	perform	VERB
fbem-26270	142	18	a	a	DET
fbem-26270	142	19	regression	regression	NOUN
fbem-26270	142	20	of	of	ADP
fbem-26270	142	21	the	the	DET
fbem-26270	142	22	city	city	NOUN
fbem-26270	142	23	-	-	PUNCT
fbem-26270	142	24	level	level	NOUN
fbem-26270	142	25	real	real	ADJ
fbem-26270	142	26	estate	estate	NOUN
fbem-26270	142	27	investment	investment	NOUN
fbem-26270	142	28	ratio	ratio	NOUN
fbem-26270	142	29	𝑋𝑖,𝑡+1	𝑋𝑖,𝑡+1	NOUN
fbem-26270	142	30	on	on	ADP
fbem-26270	142	31	an	an	DET
fbem-26270	142	32	instrumental	instrumental	ADJ
fbem-26270	142	33	variable	variable	NOUN
fbem-26270	142	34	𝐼𝑉𝑖,𝑡	𝐼𝑉𝑖,𝑡	PROPN
fbem-26270	142	35	and	and	CCONJ
fbem-26270	142	36	a	a	DET
fbem-26270	142	37	set	set	NOUN
fbem-26270	142	38	of	of	ADP
fbem-26270	142	39	control	control	NOUN
fbem-26270	142	40	variables	variable	NOUN
fbem-26270	142	41	.	.	PUNCT
fbem-26270	143	1	these	these	DET
fbem-26270	143	2	control	control	NOUN
fbem-26270	143	3	variables	variable	NOUN
fbem-26270	143	4	include	include	VERB
fbem-26270	143	5	lagged	lag	VERB
fbem-26270	143	6	real	real	ADJ
fbem-26270	143	7	gdp	gdp	NOUN
fbem-26270	143	8	growth	growth	NOUN
fbem-26270	143	9	,	,	PUNCT
fbem-26270	143	10	per	per	ADP
fbem-26270	143	11	capita	capita	X
fbem-26270	143	12	real	real	PROPN
fbem-26270	143	13	gdp	gdp	NOUN
fbem-26270	143	14	,	,	PUNCT
fbem-26270	143	15	population	population	NOUN
fbem-26270	143	16	growth	growth	NOUN
fbem-26270	143	17	,	,	PUNCT
fbem-26270	143	18	urbanization	urbanization	NOUN
fbem-26270	143	19	rate	rate	NOUN
fbem-26270	143	20	,	,	PUNCT
fbem-26270	143	21	and	and	CCONJ
fbem-26270	143	22	the	the	DET
fbem-26270	143	23	industrial	industrial	ADJ
fbem-26270	143	24	structure	structure	NOUN
fbem-26270	143	25	.	.	PUNCT
fbem-26270	144	1	the	the	DET
fbem-26270	144	2	model	model	NOUN
fbem-26270	144	3	incorporates	incorporate	VERB
fbem-26270	144	4	city	city	NOUN
fbem-26270	144	5	-	-	PUNCT
fbem-26270	144	6	specific	specific	ADJ
fbem-26270	144	7	fixed	fix	VERB
fbem-26270	144	8	effects∝	effects∝	NOUN
fbem-26270	144	9	and	and	CCONJ
fbem-26270	144	10	year	year	NOUN
fbem-26270	144	11	-	-	PUNCT
fbem-26270	144	12	specific	specific	ADJ
fbem-26270	144	13	fixed	fix	VERB
fbem-26270	144	14	effects𝛿𝑖	effects𝛿𝑖	NOUN
fbem-26270	144	15	,	,	PUNCT
fbem-26270	144	16	with	with	ADP
fbem-26270	144	17	𝑖,𝑡	𝑖,𝑡	NOUN
fbem-26270	144	18	representing	represent	VERB
fbem-26270	144	19	the	the	DET
fbem-26270	144	20	residual	residual	ADJ
fbem-26270	144	21	error	error	NOUN
fbem-26270	144	22	term	term	NOUN
fbem-26270	144	23	.	.	PUNCT
fbem-26270	145	1	(	(	PUNCT
fbem-26270	145	2	2	2	NUM
fbem-26270	145	3	)	)	PUNCT
fbem-26270	145	4	second	second	ADJ
fbem-26270	145	5	-	-	PUNCT
fbem-26270	145	6	stage	stage	NOUN
fbem-26270	145	7	regression	regression	NOUN
fbem-26270	145	8	:	:	PUNCT
fbem-26270	145	9	to	to	PART
fbem-26270	145	10	explore	explore	VERB
fbem-26270	145	11	the	the	DET
fbem-26270	145	12	effects	effect	NOUN
fbem-26270	145	13	of	of	ADP
fbem-26270	145	14	accumulated	accumulate	VERB
fbem-26270	145	15	housing	housing	NOUN
fbem-26270	145	16	capital	capital	NOUN
fbem-26270	145	17	on	on	ADP
fbem-26270	145	18	the	the	DET
fbem-26270	145	19	returns	return	NOUN
fbem-26270	145	20	of	of	ADP
fbem-26270	145	21	new	new	ADJ
fbem-26270	145	22	real	real	ADJ
fbem-26270	145	23	estate	estate	NOUN
fbem-26270	145	24	investments	investment	NOUN
fbem-26270	145	25	,	,	PUNCT
fbem-26270	145	26	we	we	PRON
fbem-26270	145	27	introduce	introduce	VERB
fbem-26270	145	28	an	an	DET
fbem-26270	145	29	interaction	interaction	NOUN
fbem-26270	145	30	term	term	NOUN
fbem-26270	145	31	between	between	ADP
fbem-26270	145	32	the	the	DET
fbem-26270	145	33	flow	flow	NOUN
fbem-26270	145	34	of	of	ADP
fbem-26270	145	35	real	real	ADJ
fbem-26270	145	36	estate	estate	NOUN
fbem-26270	145	37	investment	investment	NOUN
fbem-26270	145	38	and	and	CCONJ
fbem-26270	145	39	the	the	DET
fbem-26270	145	40	stock	stock	NOUN
fbem-26270	145	41	of	of	ADP
fbem-26270	145	42	cumulative	cumulative	ADJ
fbem-26270	145	43	housing	housing	NOUN
fbem-26270	145	44	capital	capital	NOUN
fbem-26270	145	45	.	.	PUNCT
fbem-26270	146	1	specifically	specifically	ADV
fbem-26270	146	2	,	,	PUNCT
fbem-26270	146	3	we	we	PRON
fbem-26270	146	4	include	include	VERB
fbem-26270	146	5	the	the	DET
fbem-26270	146	6	sum	sum	NOUN
fbem-26270	146	7	of	of	ADP
fbem-26270	146	8	residential	residential	ADJ
fbem-26270	146	9	real	real	ADJ
fbem-26270	146	10	estate	estate	NOUN
fbem-26270	146	11	investments	investment	NOUN
fbem-26270	146	12	in	in	ADP
fbem-26270	146	13	real	real	ADJ
fbem-26270	146	14	terms	term	NOUN
fbem-26270	146	15	up	up	ADP
fbem-26270	146	16	to	to	ADP
fbem-26270	146	17	year	year	NOUN
fbem-26270	146	18	𝑎	𝑎	NOUN
fbem-26270	146	19	in	in	ADP
fbem-26270	146	20	city	city	PROPN
fbem-26270	146	21	𝛿𝑖	𝛿𝑖	PROPN
fbem-26270	146	22	,	,	PUNCT
fbem-26270	146	23	denoted	denote	VERB
fbem-26270	146	24	as	as	ADP
fbem-26270	146	25	𝑆𝑖,𝑡−1	𝑆𝑖,𝑡−1	PROPN
fbem-26270	146	26	.	.	PUNCT
fbem-26270	147	1	this	this	DET
fbem-26270	147	2	cumulative	cumulative	ADJ
fbem-26270	147	3	housing	housing	NOUN
fbem-26270	147	4	capital	capital	NOUN
fbem-26270	147	5	is	be	AUX
fbem-26270	147	6	lagged	lag	VERB
fbem-26270	147	7	by	by	ADP
fbem-26270	147	8	one	one	NUM
fbem-26270	147	9	period	period	NOUN
fbem-26270	147	10	to	to	PART
fbem-26270	147	11	isolate	isolate	VERB
fbem-26270	147	12	its	its	PRON
fbem-26270	147	13	effect	effect	NOUN
fbem-26270	147	14	from	from	ADP
fbem-26270	147	15	contemporaneous	contemporaneous	ADJ
fbem-26270	147	16	factors	factor	NOUN
fbem-26270	147	17	,	,	PUNCT
fbem-26270	147	18	under	under	ADP
fbem-26270	147	19	the	the	DET
fbem-26270	147	20	assumption	assumption	NOUN
fbem-26270	147	21	that	that	SCONJ
fbem-26270	147	22	a	a	DET
fbem-26270	147	23	higher	high	ADJ
fbem-26270	147	24	previous	previous	ADJ
fbem-26270	147	25	investment	investment	NOUN
fbem-26270	147	26	stock	stock	NOUN
fbem-26270	147	27	could	could	AUX
fbem-26270	147	28	diminish	diminish	VERB
fbem-26270	147	29	the	the	DET
fbem-26270	147	30	productivity	productivity	NOUN
fbem-26270	147	31	of	of	ADP
fbem-26270	147	32	subsequent	subsequent	ADJ
fbem-26270	147	33	investments	investment	NOUN
fbem-26270	147	34	.	.	PUNCT
fbem-26270	148	1	table	table	NOUN
fbem-26270	148	2	2	2	NUM
fbem-26270	148	3	.	.	PUNCT
fbem-26270	149	1	a	a	DET
fbem-26270	149	2	city	city	NOUN
fbem-26270	149	3	-	-	PUNCT
fbem-26270	149	4	level	level	NOUN
fbem-26270	149	5	regression	regression	NOUN
fbem-26270	149	6	approach	approach	NOUN
fbem-26270	149	7	variable	variable	ADJ
fbem-26270	149	8	real	real	ADJ
fbem-26270	149	9	gdp	gdp	NOUN
fbem-26270	149	10	growth	growth	NOUN
fbem-26270	149	11	real	real	ADJ
fbem-26270	149	12	estate	estate	NOUN
fbem-26270	149	13	investment	investment	NOUN
fbem-26270	149	14	/	/	SYM
fbem-26270	149	15	gdp	gdp	NOUN
fbem-26270	149	16	(	(	PUNCT
fbem-26270	149	17	instrumented	instrumented	ADJ
fbem-26270	149	18	)	)	PUNCT
fbem-26270	149	19	0.770	0.770	NUM
fbem-26270	149	20	*	*	PUNCT
fbem-26270	149	21	*	*	PUNCT
fbem-26270	149	22	*	*	PUNCT
fbem-26270	149	23	(	(	PUNCT
fbem-26270	149	24	0.112	0.112	NUM
fbem-26270	149	25	)	)	PUNCT
fbem-26270	149	26	real	real	ADJ
fbem-26270	149	27	estate	estate	NOUN
fbem-26270	149	28	investment	investment	NOUN
fbem-26270	149	29	/	/	SYM
fbem-26270	149	30	gdp	gdp	NOUN
fbem-26270	149	31	(	(	PUNCT
fbem-26270	149	32	instrumented	instrumented	ADJ
fbem-26270	149	33	)	)	PUNCT
fbem-26270	149	34	×	×	NOUN
fbem-26270	149	35	cumulative	cumulative	ADJ
fbem-26270	149	36	housing	housing	NOUN
fbem-26270	149	37	capital	capital	NOUN
fbem-26270	149	38	-0.080	-0.080	PUNCT
fbem-26270	149	39	*	*	PUNCT
fbem-26270	149	40	*	*	PUNCT
fbem-26270	149	41	*	*	PUNCT
fbem-26270	149	42	(	(	PUNCT
fbem-26270	149	43	0.018	0.018	NUM
fbem-26270	149	44	)	)	PUNCT
fbem-26270	149	45	lagged	lag	VERB
fbem-26270	149	46	real	real	ADJ
fbem-26270	149	47	gdp	gdp	NOUN
fbem-26270	149	48	growth	growth	NOUN
fbem-26270	149	49	0.272	0.272	NUM
fbem-26270	149	50	*	*	PUNCT
fbem-26270	149	51	*	*	PUNCT
fbem-26270	149	52	*	*	PUNCT
fbem-26270	149	53	(	(	PUNCT
fbem-26270	149	54	0.026	0.026	NUM
fbem-26270	149	55	)	)	PUNCT
fbem-26270	149	56	per	per	ADP
fbem-26270	149	57	capita	capita	X
fbem-26270	149	58	real	real	ADJ
fbem-26270	149	59	gdp	gdp	NOUN
fbem-26270	149	60	-0.126	-0.126	PUNCT
fbem-26270	149	61	*	*	PUNCT
fbem-26270	149	62	*	*	PUNCT
fbem-26270	149	63	*	*	PUNCT
fbem-26270	149	64	(	(	PUNCT
fbem-26270	149	65	0.009	0.009	NUM
fbem-26270	149	66	)	)	PUNCT
fbem-26270	149	67	population	population	NOUN
fbem-26270	149	68	growth	growth	NOUN
fbem-26270	149	69	-0.008	-0.008	PUNCT
fbem-26270	149	70	(	(	PUNCT
fbem-26270	149	71	0.061	0.061	NUM
fbem-26270	149	72	)	)	PUNCT
fbem-26270	149	73	urbanization	urbanization	NOUN
fbem-26270	149	74	rate	rate	NOUN
fbem-26270	149	75	0.218	0.218	NUM
fbem-26270	149	76	*	*	PUNCT
fbem-26270	149	77	*	*	PUNCT
fbem-26270	149	78	*	*	PUNCT
fbem-26270	149	79	(	(	PUNCT
fbem-26270	149	80	0.036	0.036	NUM
fbem-26270	149	81	)	)	PUNCT
fbem-26270	149	82	industrial	industrial	ADJ
fbem-26270	149	83	structure	structure	NOUN
fbem-26270	149	84	0.010	0.010	NUM
fbem-26270	149	85	*	*	PUNCT
fbem-26270	149	86	*	*	PUNCT
fbem-26270	149	87	(	(	PUNCT
fbem-26270	149	88	0.004	0.004	NUM
fbem-26270	149	89	)	)	PUNCT
fbem-26270	149	90	constant	constant	ADJ
fbem-26270	149	91	0.119	0.119	NUM
fbem-26270	149	92	(	(	PUNCT
fbem-26270	149	93	0.083	0.083	NUM
fbem-26270	149	94	)	)	PUNCT
fbem-26270	149	95	number	number	NOUN
fbem-26270	149	96	of	of	ADP
fbem-26270	149	97	observations	observation	NOUN
fbem-26270	149	98	4,779	4,779	NUM
fbem-26270	149	99	r	r	NOUN
fbem-26270	149	100	-	-	PUNCT
fbem-26270	149	101	squared	square	VERB
fbem-26270	149	102	0.398	0.398	NUM
fbem-26270	149	103	year	year	NOUN
fbem-26270	149	104	fixed	fix	VERB
fbem-26270	149	105	effects	effect	NOUN
fbem-26270	149	106	yes	yes	INTJ
fbem-26270	149	107	city	city	NOUN
fbem-26270	149	108	fixed	fix	VERB
fbem-26270	149	109	effects	effect	NOUN
fbem-26270	149	110	yes	yes	INTJ
fbem-26270	149	111	in	in	ADP
fbem-26270	149	112	the	the	DET
fbem-26270	149	113	second	second	ADJ
fbem-26270	149	114	stage	stage	NOUN
fbem-26270	149	115	of	of	ADP
fbem-26270	149	116	our	our	PRON
fbem-26270	149	117	analysis	analysis	NOUN
fbem-26270	149	118	,	,	PUNCT
fbem-26270	149	119	we	we	PRON
fbem-26270	149	120	examine	examine	VERB
fbem-26270	149	121	the	the	DET
fbem-26270	149	122	relationship	relationship	NOUN
fbem-26270	149	123	between	between	ADP
fbem-26270	149	124	city	city	NOUN
fbem-26270	149	125	-	-	PUNCT
fbem-26270	149	126	level	level	NOUN
fbem-26270	149	127	real	real	ADJ
fbem-26270	149	128	gdp	gdp	NOUN
fbem-26270	149	129	growth	growth	NOUN
fbem-26270	149	130	𝑌𝑖,𝑡+1	𝑌𝑖,𝑡+1	PROPN
fbem-26270	149	131	and	and	CCONJ
fbem-26270	149	132	the	the	DET
fbem-26270	149	133	instrumented	instrumented	ADJ
fbem-26270	149	134	real	real	ADJ
fbem-26270	149	135	estate	estate	NOUN
fbem-26270	149	136	investment	investment	NOUN
fbem-26270	149	137	ratio	ratio	NOUN
fbem-26270	149	138	𝑋𝑖,𝑡+1	𝑋𝑖,𝑡+1	NOUN
fbem-26270	149	139	.	.	PUNCT
fbem-26270	150	1	we	we	PRON
fbem-26270	150	2	also	also	ADV
fbem-26270	150	3	include	include	VERB
fbem-26270	150	4	an	an	DET
fbem-26270	150	5	interaction	interaction	NOUN
fbem-26270	150	6	term	term	NOUN
fbem-26270	150	7	between	between	ADP
fbem-26270	150	8	the	the	DET
fbem-26270	150	9	real	real	ADJ
fbem-26270	150	10	estate	estate	NOUN
fbem-26270	150	11	investment	investment	NOUN
fbem-26270	150	12	flow	flow	NOUN
fbem-26270	150	13	and	and	CCONJ
fbem-26270	150	14	the	the	DET
fbem-26270	150	15	stock	stock	NOUN
fbem-26270	150	16	of	of	ADP
fbem-26270	150	17	housing	housing	NOUN
fbem-26270	150	18	capital	capital	NOUN
fbem-26270	150	19	.	.	PUNCT
fbem-26270	151	1	the	the	DET
fbem-26270	151	2	significance	significance	NOUN
fbem-26270	151	3	of	of	ADP
fbem-26270	151	4	the	the	DET
fbem-26270	151	5	coefficient	coefficient	NOUN
fbem-26270	151	6	on	on	ADP
fbem-26270	151	7	this	this	DET
fbem-26270	151	8	interaction	interaction	NOUN
fbem-26270	151	9	term	term	NOUN
fbem-26270	151	10	would	would	AUX
fbem-26270	151	11	indicate	indicate	VERB
fbem-26270	151	12	whether	whether	SCONJ
fbem-26270	151	13	the	the	DET
fbem-26270	151	14	contribution	contribution	NOUN
fbem-26270	151	15	of	of	ADP
fbem-26270	151	16	real	real	ADJ
fbem-26270	151	17	estate	estate	NOUN
fbem-26270	151	18	investment	investment	NOUN
fbem-26270	151	19	to	to	ADP
fbem-26270	151	20	growth	growth	NOUN
fbem-26270	151	21	is	be	AUX
fbem-26270	151	22	influenced	influence	VERB
fbem-26270	151	23	by	by	ADP
fbem-26270	151	24	the	the	DET
fbem-26270	151	25	level	level	NOUN
fbem-26270	151	26	of	of	ADP
fbem-26270	151	27	accumulated	accumulate	VERB
fbem-26270	151	28	housing	housing	NOUN
fbem-26270	151	29	capital	capital	NOUN
fbem-26270	151	30	.	.	PUNCT
fbem-26270	152	1	our	our	PRON
fbem-26270	152	2	findings	finding	NOUN
fbem-26270	152	3	,	,	PUNCT
fbem-26270	152	4	presented	present	VERB
fbem-26270	152	5	in	in	ADP
fbem-26270	152	6	table	table	NOUN
fbem-26270	152	7	1	1	NUM
fbem-26270	152	8	,	,	PUNCT
fbem-26270	152	9	column	column	NOUN
fbem-26270	152	10	(	(	PUNCT
fbem-26270	152	11	1	1	NUM
fbem-26270	152	12	)	)	PUNCT
fbem-26270	152	13	,	,	PUNCT
fbem-26270	152	14	suggest	suggest	VERB
fbem-26270	152	15	that	that	SCONJ
fbem-26270	152	16	while	while	SCONJ
fbem-26270	152	17	real	real	ADJ
fbem-26270	152	18	estate	estate	NOUN
fbem-26270	152	19	investment	investment	NOUN
fbem-26270	152	20	positively	positively	ADV
fbem-26270	152	21	affects	affect	VERB
fbem-26270	152	22	growth	growth	NOUN
fbem-26270	152	23	,	,	PUNCT
fbem-26270	152	24	this	this	DET
fbem-26270	152	25	effect	effect	NOUN
fbem-26270	152	26	diminishes	diminish	VERB
fbem-26270	152	27	as	as	ADP
fbem-26270	152	28	the	the	DET
fbem-26270	152	29	stock	stock	NOUN
fbem-26270	152	30	of	of	ADP
fbem-26270	152	31	housing	housing	NOUN
fbem-26270	152	32	capital	capital	NOUN
fbem-26270	152	33	increases	increase	NOUN
fbem-26270	152	34	.	.	PUNCT
fbem-26270	153	1	this	this	DET
fbem-26270	153	2	trend	trend	NOUN
fbem-26270	153	3	is	be	AUX
fbem-26270	153	4	consistent	consistent	ADJ
fbem-26270	153	5	with	with	ADP
fbem-26270	153	6	the	the	DET
fbem-26270	153	7	role	role	NOUN
fbem-26270	153	8	of	of	ADP
fbem-26270	153	9	real	real	ADJ
fbem-26270	153	10	estate	estate	NOUN
fbem-26270	153	11	in	in	ADP
fbem-26270	153	12	china	china	PROPN
fbem-26270	153	13	's	's	PART
fbem-26270	153	14	investment	investment	NOUN
fbem-26270	153	15	-	-	PUNCT
fbem-26270	153	16	driven	drive	VERB
fbem-26270	153	17	economic	economic	ADJ
fbem-26270	153	18	model	model	NOUN
fbem-26270	153	19	throughout	throughout	ADP
fbem-26270	153	20	the	the	DET
fbem-26270	153	21	21st	21st	ADJ
fbem-26270	153	22	century	century	NOUN
fbem-26270	153	23	.	.	PUNCT
fbem-26270	154	1	the	the	DET
fbem-26270	154	2	first	first	ADJ
fbem-26270	154	3	-	-	PUNCT
fbem-26270	154	4	stage	stage	NOUN
fbem-26270	154	5	results	result	NOUN
fbem-26270	154	6	,	,	PUNCT
fbem-26270	154	7	demonstrate	demonstrate	VERB
fbem-26270	154	8	that	that	SCONJ
fbem-26270	154	9	the	the	DET
fbem-26270	154	10	instrumental	instrumental	ADJ
fbem-26270	154	11	variables	variable	NOUN
fbem-26270	154	12	used	use	VERB
fbem-26270	154	13	are	be	AUX
fbem-26270	154	14	appropriate	appropriate	ADJ
fbem-26270	154	15	,	,	PUNCT
fbem-26270	154	16	with	with	ADP
fbem-26270	154	17	an	an	DET
fbem-26270	154	18	f	f	NOUN
fbem-26270	154	19	-	-	PUNCT
fbem-26270	154	20	statistic	statistic	NOUN
fbem-26270	154	21	exceeding	exceed	VERB
fbem-26270	154	22	10	10	NUM
fbem-26270	154	23	and	and	CCONJ
fbem-26270	154	24	passing	pass	VERB
fbem-26270	154	25	the	the	DET
fbem-26270	154	26	clr	clr	NOUN
fbem-26270	154	27	test	test	NOUN
fbem-26270	154	28	.	.	PUNCT
fbem-26270	155	1	the	the	DET
fbem-26270	155	2	phenomenon	phenomenon	NOUN
fbem-26270	155	3	of	of	ADP
fbem-26270	155	4	diminishing	diminish	VERB
fbem-26270	155	5	returns	return	NOUN
fbem-26270	155	6	to	to	ADP
fbem-26270	155	7	real	real	ADJ
fbem-26270	155	8	estate	estate	NOUN
fbem-26270	155	9	investment	investment	NOUN
fbem-26270	155	10	aligns	align	VERB
fbem-26270	155	11	with	with	ADP
fbem-26270	155	12	previous	previous	ADJ
fbem-26270	155	13	studies	study	NOUN
fbem-26270	155	14	,	,	PUNCT
fbem-26270	155	15	which	which	PRON
fbem-26270	155	16	indicate	indicate	VERB
fbem-26270	155	17	that	that	SCONJ
fbem-26270	155	18	economic	economic	ADJ
fbem-26270	155	19	returns	return	NOUN
fbem-26270	155	20	typically	typically	ADV
fbem-26270	155	21	decline	decline	VERB
fbem-26270	155	22	as	as	SCONJ
fbem-26270	155	23	the	the	DET
fbem-26270	155	24	housing	housing	NOUN
fbem-26270	155	25	capital	capital	NOUN
fbem-26270	155	26	stock	stock	NOUN
fbem-26270	155	27	grows	grow	VERB
fbem-26270	155	28	due	due	ADJ
fbem-26270	155	29	to	to	ADP
fbem-26270	155	30	overbuilding	overbuilde	VERB
fbem-26270	155	31	.	.	PUNCT
fbem-26270	156	1	excessive	excessive	ADJ
fbem-26270	156	2	housing	housing	NOUN
fbem-26270	156	3	supply	supply	NOUN
fbem-26270	156	4	reduces	reduce	VERB
fbem-26270	156	5	the	the	DET
fbem-26270	156	6	need	need	NOUN
fbem-26270	156	7	for	for	ADP
fbem-26270	156	8	further	further	ADJ
fbem-26270	156	9	investment	investment	NOUN
fbem-26270	156	10	,	,	PUNCT
fbem-26270	156	11	as	as	SCONJ
fbem-26270	156	12	housing	housing	NOUN
fbem-26270	156	13	capital	capital	NOUN
fbem-26270	156	14	is	be	AUX
fbem-26270	156	15	durable	durable	ADJ
fbem-26270	156	16	and	and	CCONJ
fbem-26270	156	17	an	an	DET
fbem-26270	156	18	oversupply	oversupply	NOUN
fbem-26270	156	19	diminishes	diminish	VERB
fbem-26270	156	20	the	the	DET
fbem-26270	156	21	demand	demand	NOUN
fbem-26270	156	22	for	for	ADP
fbem-26270	156	23	additional	additional	ADJ
fbem-26270	156	24	investment	investment	NOUN
fbem-26270	156	25	.	.	PUNCT
fbem-26270	157	1	given	give	VERB
fbem-26270	157	2	the	the	DET
fbem-26270	157	3	substantial	substantial	ADJ
fbem-26270	157	4	role	role	NOUN
fbem-26270	157	5	of	of	ADP
fbem-26270	157	6	the	the	DET
fbem-26270	157	7	real	real	ADJ
fbem-26270	157	8	estate	estate	NOUN
fbem-26270	157	9	sector	sector	NOUN
fbem-26270	157	10	and	and	CCONJ
fbem-26270	157	11	related	relate	VERB
fbem-26270	157	12	infrastructure	infrastructure	NOUN
fbem-26270	157	13	in	in	ADP
fbem-26270	157	14	china	china	PROPN
fbem-26270	157	15	’s	’s	PART
fbem-26270	157	16	economy	economy	NOUN
fbem-26270	157	17	,	,	PUNCT
fbem-26270	157	18	the	the	DET
fbem-26270	157	19	adjustment	adjustment	NOUN
fbem-26270	157	20	costs	cost	NOUN
fbem-26270	157	21	of	of	ADP
fbem-26270	157	22	reallocating	reallocate	VERB
fbem-26270	157	23	resources	resource	NOUN
fbem-26270	157	24	and	and	CCONJ
fbem-26270	157	25	shifting	shift	VERB
fbem-26270	157	26	away	away	ADV
fbem-26270	157	27	from	from	ADP
fbem-26270	157	28	real	real	ADJ
fbem-26270	157	29	estate	estate	NOUN
fbem-26270	157	30	as	as	ADP
fbem-26270	157	31	a	a	DET
fbem-26270	157	32	growth	growth	NOUN
fbem-26270	157	33	driver	driver	NOUN
fbem-26270	157	34	are	be	AUX
fbem-26270	157	35	significant	significant	ADJ
fbem-26270	157	36	.	.	PUNCT
fbem-26270	158	1	this	this	DET
fbem-26270	158	2	issue	issue	NOUN
fbem-26270	158	3	of	of	ADP
fbem-26270	158	4	diminishing	diminish	VERB
fbem-26270	158	5	returns	return	NOUN
fbem-26270	158	6	is	be	AUX
fbem-26270	158	7	reminiscent	reminiscent	ADJ
fbem-26270	158	8	of	of	ADP
fbem-26270	158	9	challenges	challenge	NOUN
fbem-26270	158	10	faced	face	VERB
fbem-26270	158	11	by	by	ADP
fbem-26270	158	12	other	other	ADJ
fbem-26270	158	13	rapidly	rapidly	ADV
fbem-26270	158	14	growing	grow	VERB
fbem-26270	158	15	economies	economy	NOUN
fbem-26270	158	16	,	,	PUNCT
fbem-26270	158	17	such	such	ADJ
fbem-26270	158	18	as	as	ADP
fbem-26270	158	19	japan	japan	PROPN
fbem-26270	158	20	and	and	CCONJ
fbem-26270	158	21	the	the	DET
fbem-26270	158	22	former	former	ADJ
fbem-26270	158	23	soviet	soviet	PROPN
fbem-26270	158	24	union	union	NOUN
fbem-26270	158	25	.	.	PUNCT
fbem-26270	159	1	271	271	NUM
fbem-26270	159	2	quantitatively	quantitatively	ADV
fbem-26270	159	3	,	,	PUNCT
fbem-26270	159	4	considering	consider	VERB
fbem-26270	159	5	the	the	DET
fbem-26270	159	6	relative	relative	ADJ
fbem-26270	159	7	stability	stability	NOUN
fbem-26270	159	8	of	of	ADP
fbem-26270	159	9	the	the	DET
fbem-26270	159	10	real	real	ADJ
fbem-26270	159	11	estate	estate	NOUN
fbem-26270	159	12	investment	investment	NOUN
fbem-26270	159	13	ratio	ratio	NOUN
fbem-26270	159	14	post-2008	post-2008	NOUN
fbem-26270	159	15	,	,	PUNCT
fbem-26270	159	16	the	the	DET
fbem-26270	159	17	negative	negative	ADJ
fbem-26270	159	18	coefficient	coefficient	NOUN
fbem-26270	159	19	on	on	ADP
fbem-26270	159	20	the	the	DET
fbem-26270	159	21	interaction	interaction	NOUN
fbem-26270	159	22	term	term	NOUN
fbem-26270	159	23	implies	imply	VERB
fbem-26270	159	24	that	that	SCONJ
fbem-26270	159	25	a	a	DET
fbem-26270	159	26	city	city	NOUN
fbem-26270	159	27	with	with	ADP
fbem-26270	159	28	an	an	DET
fbem-26270	159	29	average	average	ADJ
fbem-26270	159	30	stock	stock	NOUN
fbem-26270	159	31	of	of	ADP
fbem-26270	159	32	housing	housing	NOUN
fbem-26270	159	33	capital	capital	NOUN
fbem-26270	159	34	in	in	ADP
fbem-26270	159	35	2020	2020	NUM
fbem-26270	159	36	would	would	AUX
fbem-26270	159	37	experience	experience	VERB
fbem-26270	159	38	a	a	DET
fbem-26270	159	39	2.2	2.2	NUM
fbem-26270	159	40	%	%	NOUN
fbem-26270	159	41	slower	slow	ADJ
fbem-26270	159	42	real	real	ADJ
fbem-26270	159	43	gdp	gdp	NOUN
fbem-26270	159	44	growth	growth	NOUN
fbem-26270	159	45	compared	compare	VERB
fbem-26270	159	46	to	to	ADP
fbem-26270	159	47	a	a	DET
fbem-26270	159	48	similar	similar	ADJ
fbem-26270	159	49	city	city	NOUN
fbem-26270	159	50	in	in	ADP
fbem-26270	159	51	2010	2010	NUM
fbem-26270	159	52	,	,	PUNCT
fbem-26270	159	53	given	give	VERB
fbem-26270	159	54	that	that	SCONJ
fbem-26270	159	55	housing	housing	NOUN
fbem-26270	159	56	capital	capital	NOUN
fbem-26270	159	57	increased	increase	VERB
fbem-26270	159	58	more	more	ADV
fbem-26270	159	59	than	than	SCONJ
fbem-26270	159	60	fourfold	fourfold	ADJ
fbem-26270	159	61	on	on	ADP
fbem-26270	159	62	average	average	ADJ
fbem-26270	159	63	.	.	PUNCT
fbem-26270	160	1	moreover	moreover	ADV
fbem-26270	160	2	,	,	PUNCT
fbem-26270	160	3	a	a	DET
fbem-26270	160	4	city	city	NOUN
fbem-26270	160	5	with	with	ADP
fbem-26270	160	6	a	a	DET
fbem-26270	160	7	housing	housing	NOUN
fbem-26270	160	8	stock	stock	NOUN
fbem-26270	160	9	one	one	NUM
fbem-26270	160	10	standard	standard	ADJ
fbem-26270	160	11	deviation	deviation	NOUN
fbem-26270	160	12	above	above	ADP
fbem-26270	160	13	the	the	DET
fbem-26270	160	14	mean	mean	NOUN
fbem-26270	160	15	in	in	ADP
fbem-26270	160	16	2020	2020	NUM
fbem-26270	160	17	would	would	AUX
fbem-26270	160	18	have	have	VERB
fbem-26270	160	19	a	a	DET
fbem-26270	160	20	1.1	1.1	NUM
fbem-26270	160	21	%	%	NOUN
fbem-26270	160	22	lower	low	ADJ
fbem-26270	160	23	annual	annual	ADJ
fbem-26270	160	24	real	real	ADJ
fbem-26270	160	25	growth	growth	NOUN
fbem-26270	160	26	rate	rate	NOUN
fbem-26270	160	27	compared	compare	VERB
fbem-26270	160	28	to	to	ADP
fbem-26270	160	29	an	an	DET
fbem-26270	160	30	average	average	ADJ
fbem-26270	160	31	city	city	NOUN
fbem-26270	160	32	in	in	ADP
fbem-26270	160	33	the	the	DET
fbem-26270	160	34	same	same	ADJ
fbem-26270	160	35	year	year	NOUN
fbem-26270	160	36	.	.	PUNCT
fbem-26270	161	1	these	these	DET
fbem-26270	161	2	estimates	estimate	NOUN
fbem-26270	161	3	reflect	reflect	VERB
fbem-26270	161	4	the	the	DET
fbem-26270	161	5	impact	impact	NOUN
fbem-26270	161	6	of	of	ADP
fbem-26270	161	7	accumulated	accumulate	VERB
fbem-26270	161	8	housing	housing	NOUN
fbem-26270	161	9	capital	capital	NOUN
fbem-26270	161	10	on	on	ADP
fbem-26270	161	11	growth	growth	NOUN
fbem-26270	161	12	,	,	PUNCT
fbem-26270	161	13	highlighting	highlight	VERB
fbem-26270	161	14	the	the	DET
fbem-26270	161	15	challenges	challenge	NOUN
fbem-26270	161	16	associated	associate	VERB
fbem-26270	161	17	with	with	ADP
fbem-26270	161	18	overinvestment	overinvestment	NOUN
fbem-26270	161	19	in	in	ADP
fbem-26270	161	20	real	real	ADJ
fbem-26270	161	21	estate	estate	NOUN
fbem-26270	161	22	.	.	PUNCT
fbem-26270	162	1	4	4	X
fbem-26270	162	2	.	.	X
fbem-26270	162	3	the	the	DET
fbem-26270	162	4	impact	impact	NOUN
fbem-26270	162	5	of	of	ADP
fbem-26270	162	6	real	real	ADJ
fbem-26270	162	7	estate	estate	NOUN
fbem-26270	162	8	investment	investment	NOUN
fbem-26270	162	9	on	on	ADP
fbem-26270	162	10	local	local	ADJ
fbem-26270	162	11	government	government	NOUN
fbem-26270	162	12	debt	debt	NOUN
fbem-26270	162	13	:	:	PUNCT
fbem-26270	162	14	a	a	DET
fbem-26270	162	15	regression	regression	NOUN
fbem-26270	162	16	analysis	analysis	NOUN
fbem-26270	162	17	in	in	ADP
fbem-26270	162	18	the	the	DET
fbem-26270	162	19	context	context	NOUN
fbem-26270	162	20	of	of	ADP
fbem-26270	162	21	declining	decline	VERB
fbem-26270	162	22	economic	economic	ADJ
fbem-26270	162	23	growth	growth	NOUN
fbem-26270	162	24	impacting	impact	VERB
fbem-26270	162	25	real	real	ADJ
fbem-26270	162	26	estate	estate	NOUN
fbem-26270	162	27	prices	price	NOUN
fbem-26270	162	28	,	,	PUNCT
fbem-26270	162	29	local	local	ADJ
fbem-26270	162	30	governments	government	NOUN
fbem-26270	162	31	in	in	ADP
fbem-26270	162	32	china	china	PROPN
fbem-26270	162	33	face	face	VERB
fbem-26270	162	34	significant	significant	ADJ
fbem-26270	162	35	vulnerability	vulnerability	NOUN
fbem-26270	162	36	due	due	ADP
fbem-26270	162	37	to	to	ADP
fbem-26270	162	38	their	their	PRON
fbem-26270	162	39	reliance	reliance	NOUN
fbem-26270	162	40	on	on	ADP
fbem-26270	162	41	land	land	NOUN
fbem-26270	162	42	sales	sale	NOUN
fbem-26270	162	43	for	for	ADP
fbem-26270	162	44	revenue	revenue	NOUN
fbem-26270	162	45	.	.	PUNCT
fbem-26270	163	1	as	as	SCONJ
fbem-26270	163	2	illustrated	illustrate	VERB
fbem-26270	163	3	in	in	ADP
fbem-26270	163	4	figure	figure	NOUN
fbem-26270	163	5	11	11	NUM
fbem-26270	163	6	and	and	CCONJ
fbem-26270	163	7	highlighted	highlight	VERB
fbem-26270	163	8	by	by	ADP
fbem-26270	163	9	huang	huang	PROPN
fbem-26270	163	10	(	(	PUNCT
fbem-26270	163	11	2023	2023	NUM
fbem-26270	163	12	)	)	PUNCT
fbem-26270	163	13	,	,	PUNCT
fbem-26270	163	14	tier	tier	NOUN
fbem-26270	163	15	3	3	NUM
fbem-26270	163	16	cities	city	NOUN
fbem-26270	163	17	are	be	AUX
fbem-26270	163	18	particularly	particularly	ADV
fbem-26270	163	19	dependent	dependent	ADJ
fbem-26270	163	20	on	on	ADP
fbem-26270	163	21	land	land	NOUN
fbem-26270	163	22	sales	sale	NOUN
fbem-26270	163	23	,	,	PUNCT
fbem-26270	163	24	which	which	PRON
fbem-26270	163	25	account	account	VERB
fbem-26270	163	26	for	for	ADP
fbem-26270	163	27	43	43	NUM
fbem-26270	163	28	%	%	NOUN
fbem-26270	163	29	of	of	ADP
fbem-26270	163	30	their	their	PRON
fbem-26270	163	31	fiscal	fiscal	ADJ
fbem-26270	163	32	revenue	revenue	NOUN
fbem-26270	163	33	.	.	PUNCT
fbem-26270	164	1	this	this	DET
fbem-26270	164	2	dependency	dependency	NOUN
fbem-26270	164	3	is	be	AUX
fbem-26270	164	4	even	even	ADV
fbem-26270	164	5	more	more	ADV
fbem-26270	164	6	pronounced	pronounced	ADJ
fbem-26270	164	7	in	in	ADP
fbem-26270	164	8	tier	tier	NOUN
fbem-26270	164	9	2	2	NUM
fbem-26270	164	10	cities	city	NOUN
fbem-26270	164	11	,	,	PUNCT
fbem-26270	164	12	where	where	SCONJ
fbem-26270	164	13	land	land	NOUN
fbem-26270	164	14	sales	sale	NOUN
fbem-26270	164	15	contribute	contribute	VERB
fbem-26270	164	16	46	46	NUM
fbem-26270	164	17	%	%	NOUN
fbem-26270	164	18	of	of	ADP
fbem-26270	164	19	fiscal	fiscal	ADJ
fbem-26270	164	20	revenue	revenue	NOUN
fbem-26270	164	21	,	,	PUNCT
fbem-26270	164	22	while	while	SCONJ
fbem-26270	164	23	tier	tier	NOUN
fbem-26270	164	24	1	1	NUM
fbem-26270	164	25	cities	city	NOUN
fbem-26270	164	26	,	,	PUNCT
fbem-26270	164	27	despite	despite	SCONJ
fbem-26270	164	28	their	their	PRON
fbem-26270	164	29	lower	low	ADJ
fbem-26270	164	30	reliance	reliance	NOUN
fbem-26270	164	31	,	,	PUNCT
fbem-26270	164	32	still	still	ADV
fbem-26270	164	33	derive	derive	VERB
fbem-26270	164	34	30	30	NUM
fbem-26270	164	35	%	%	NOUN
fbem-26270	164	36	of	of	ADP
fbem-26270	164	37	their	their	PRON
fbem-26270	164	38	revenue	revenue	NOUN
fbem-26270	164	39	from	from	ADP
fbem-26270	164	40	land	land	NOUN
fbem-26270	164	41	sales	sale	NOUN
fbem-26270	164	42	.	.	PUNCT
fbem-26270	165	1	figure	figure	NOUN
fbem-26270	165	2	11	11	NUM
fbem-26270	165	3	.	.	PUNCT
fbem-26270	166	1	land	land	NOUN
fbem-26270	166	2	revenue	revenue	NOUN
fbem-26270	166	3	of	of	ADP
fbem-26270	166	4	fiscal	fiscal	ADJ
fbem-26270	166	5	revenue	revenue	NOUN
fbem-26270	166	6	in	in	ADP
fbem-26270	166	7	2020	2020	NUM
fbem-26270	166	8	figure	figure	NOUN
fbem-26270	166	9	11	11	NUM
fbem-26270	166	10	in	in	ADP
fbem-26270	166	11	2020	2020	NUM
fbem-26270	166	12	,	,	PUNCT
fbem-26270	166	13	the	the	DET
fbem-26270	166	14	fiscal	fiscal	ADJ
fbem-26270	166	15	revenues	revenue	NOUN
fbem-26270	166	16	at	at	ADP
fbem-26270	166	17	the	the	DET
fbem-26270	166	18	local	local	ADJ
fbem-26270	166	19	government	government	NOUN
fbem-26270	166	20	level	level	NOUN
fbem-26270	166	21	in	in	ADP
fbem-26270	166	22	china	china	PROPN
fbem-26270	166	23	were	be	AUX
fbem-26270	166	24	comprised	comprise	VERB
fbem-26270	166	25	of	of	ADP
fbem-26270	166	26	four	four	NUM
fbem-26270	166	27	key	key	ADJ
fbem-26270	166	28	components	component	NOUN
fbem-26270	166	29	:	:	PUNCT
fbem-26270	166	30	general	general	ADJ
fbem-26270	166	31	public	public	ADJ
fbem-26270	166	32	budgetary	budgetary	ADJ
fbem-26270	166	33	revenues	revenue	NOUN
fbem-26270	166	34	,	,	PUNCT
fbem-26270	166	35	government	government	NOUN
fbem-26270	166	36	fund	fund	NOUN
fbem-26270	166	37	revenues	revenue	NOUN
fbem-26270	166	38	,	,	PUNCT
fbem-26270	166	39	state	state	NOUN
fbem-26270	166	40	-	-	PUNCT
fbem-26270	166	41	owned	own	VERB
fbem-26270	166	42	capital	capital	NOUN
fbem-26270	166	43	operating	operating	NOUN
fbem-26270	166	44	revenues	revenue	NOUN
fbem-26270	166	45	,	,	PUNCT
fbem-26270	166	46	and	and	CCONJ
fbem-26270	166	47	social	social	ADJ
fbem-26270	166	48	security	security	NOUN
fbem-26270	166	49	fund	fund	NOUN
fbem-26270	166	50	revenues	revenue	NOUN
fbem-26270	166	51	.	.	PUNCT
fbem-26270	167	1	general	general	ADJ
fbem-26270	167	2	public	public	ADJ
fbem-26270	167	3	budgetary	budgetary	ADJ
fbem-26270	167	4	revenues	revenue	NOUN
fbem-26270	167	5	primarily	primarily	ADV
fbem-26270	167	6	include	include	VERB
fbem-26270	167	7	tax	tax	NOUN
fbem-26270	167	8	revenues	revenue	NOUN
fbem-26270	167	9	and	and	CCONJ
fbem-26270	167	10	transfers	transfer	NOUN
fbem-26270	167	11	from	from	ADP
fbem-26270	167	12	the	the	DET
fbem-26270	167	13	central	central	ADJ
fbem-26270	167	14	government	government	NOUN
fbem-26270	167	15	.	.	PUNCT
fbem-26270	168	1	government	government	NOUN
fbem-26270	168	2	fund	fund	NOUN
fbem-26270	168	3	revenues	revenue	NOUN
fbem-26270	168	4	,	,	PUNCT
fbem-26270	168	5	which	which	PRON
fbem-26270	168	6	are	be	AUX
fbem-26270	168	7	a	a	DET
fbem-26270	168	8	significant	significant	ADJ
fbem-26270	168	9	form	form	NOUN
fbem-26270	168	10	of	of	ADP
fbem-26270	168	11	non	non	ADJ
fbem-26270	168	12	-	-	ADJ
fbem-26270	168	13	tax	tax	ADJ
fbem-26270	168	14	revenue	revenue	NOUN
fbem-26270	168	15	,	,	PUNCT
fbem-26270	168	16	are	be	AUX
fbem-26270	168	17	largely	largely	ADV
fbem-26270	168	18	derived	derive	VERB
fbem-26270	168	19	from	from	ADP
fbem-26270	168	20	land	land	NOUN
fbem-26270	168	21	use	use	NOUN
fbem-26270	168	22	rights	right	NOUN
fbem-26270	168	23	transfers	transfer	NOUN
fbem-26270	168	24	and	and	CCONJ
fbem-26270	168	25	are	be	AUX
fbem-26270	168	26	allocated	allocate	VERB
fbem-26270	168	27	to	to	ADP
fbem-26270	168	28	specific	specific	ADJ
fbem-26270	168	29	public	public	ADJ
fbem-26270	168	30	service	service	NOUN
fbem-26270	168	31	projects	project	NOUN
fbem-26270	168	32	.	.	PUNCT
fbem-26270	169	1	state	state	NOUN
fbem-26270	169	2	-	-	PUNCT
fbem-26270	169	3	owned	own	VERB
fbem-26270	169	4	capital	capital	NOUN
fbem-26270	169	5	operating	operating	NOUN
fbem-26270	169	6	revenues	revenue	NOUN
fbem-26270	169	7	come	come	VERB
fbem-26270	169	8	from	from	ADP
fbem-26270	169	9	profits	profit	NOUN
fbem-26270	169	10	generated	generate	VERB
fbem-26270	169	11	by	by	ADP
fbem-26270	169	12	state	state	NOUN
fbem-26270	169	13	-	-	PUNCT
fbem-26270	169	14	owned	own	VERB
fbem-26270	169	15	enterprises	enterprise	NOUN
fbem-26270	169	16	,	,	PUNCT
fbem-26270	169	17	while	while	SCONJ
fbem-26270	169	18	social	social	ADJ
fbem-26270	169	19	security	security	NOUN
fbem-26270	169	20	fund	fund	NOUN
fbem-26270	169	21	revenues	revenue	NOUN
fbem-26270	169	22	are	be	AUX
fbem-26270	169	23	used	use	VERB
fbem-26270	169	24	to	to	PART
fbem-26270	169	25	finance	finance	VERB
fbem-26270	169	26	social	social	ADJ
fbem-26270	169	27	security	security	NOUN
fbem-26270	169	28	programs	program	NOUN
fbem-26270	169	29	.	.	PUNCT
fbem-26270	170	1	land	land	NOUN
fbem-26270	170	2	use	use	NOUN
fbem-26270	170	3	rights	right	NOUN
fbem-26270	170	4	transfers	transfer	NOUN
fbem-26270	170	5	represent	represent	VERB
fbem-26270	170	6	a	a	DET
fbem-26270	170	7	substantial	substantial	ADJ
fbem-26270	170	8	portion	portion	NOUN
fbem-26270	170	9	of	of	ADP
fbem-26270	170	10	government	government	NOUN
fbem-26270	170	11	fund	fund	NOUN
fbem-26270	170	12	revenues	revenue	NOUN
fbem-26270	170	13	,	,	PUNCT
fbem-26270	170	14	illustrating	illustrate	VERB
fbem-26270	170	15	the	the	DET
fbem-26270	170	16	heavy	heavy	ADJ
fbem-26270	170	17	reliance	reliance	NOUN
fbem-26270	170	18	of	of	ADP
fbem-26270	170	19	local	local	ADJ
fbem-26270	170	20	governments	government	NOUN
fbem-26270	170	21	on	on	ADP
fbem-26270	170	22	land	land	NOUN
fbem-26270	170	23	sales	sale	NOUN
fbem-26270	170	24	for	for	ADP
fbem-26270	170	25	funding	funding	NOUN
fbem-26270	170	26	.	.	PUNCT
fbem-26270	171	1	this	this	DET
fbem-26270	171	2	dependence	dependence	NOUN
fbem-26270	171	3	underscores	underscore	VERB
fbem-26270	171	4	the	the	DET
fbem-26270	171	5	vulnerability	vulnerability	NOUN
fbem-26270	171	6	of	of	ADP
fbem-26270	171	7	local	local	ADJ
fbem-26270	171	8	governments	government	NOUN
fbem-26270	171	9	to	to	ADP
fbem-26270	171	10	fluctuations	fluctuation	NOUN
fbem-26270	171	11	in	in	ADP
fbem-26270	171	12	real	real	ADJ
fbem-26270	171	13	estate	estate	NOUN
fbem-26270	171	14	markets	market	NOUN
fbem-26270	171	15	and	and	CCONJ
fbem-26270	171	16	the	the	DET
fbem-26270	171	17	challenges	challenge	NOUN
fbem-26270	171	18	associated	associate	VERB
fbem-26270	171	19	with	with	ADP
fbem-26270	171	20	shifting	shift	VERB
fbem-26270	171	21	to	to	ADP
fbem-26270	171	22	a	a	DET
fbem-26270	171	23	growth	growth	NOUN
fbem-26270	171	24	model	model	NOUN
fbem-26270	171	25	that	that	PRON
fbem-26270	171	26	relies	rely	VERB
fbem-26270	171	27	less	less	ADV
fbem-26270	171	28	on	on	ADP
fbem-26270	171	29	real	real	ADJ
fbem-26270	171	30	estate	estate	NOUN
fbem-26270	171	31	.	.	PUNCT
fbem-26270	172	1	our	our	PRON
fbem-26270	172	2	analysis	analysis	NOUN
fbem-26270	172	3	suggests	suggest	VERB
fbem-26270	172	4	that	that	SCONJ
fbem-26270	172	5	transitioning	transition	VERB
fbem-26270	172	6	to	to	ADP
fbem-26270	172	7	a	a	DET
fbem-26270	172	8	growth	growth	NOUN
fbem-26270	172	9	model	model	NOUN
fbem-26270	172	10	that	that	PRON
fbem-26270	172	11	is	be	AUX
fbem-26270	172	12	less	less	ADV
fbem-26270	172	13	dependent	dependent	ADJ
fbem-26270	172	14	on	on	ADP
fbem-26270	172	15	real	real	ADJ
fbem-26270	172	16	estate	estate	NOUN
fbem-26270	172	17	will	will	AUX
fbem-26270	172	18	be	be	AUX
fbem-26270	172	19	particularly	particularly	ADV
fbem-26270	172	20	challenging	challenging	ADJ
fbem-26270	172	21	for	for	ADP
fbem-26270	172	22	china	china	PROPN
fbem-26270	172	23	.	.	PUNCT
fbem-26270	173	1	this	this	DET
fbem-26270	173	2	difficulty	difficulty	NOUN
fbem-26270	173	3	is	be	AUX
fbem-26270	173	4	compounded	compound	VERB
fbem-26270	173	5	by	by	ADP
fbem-26270	173	6	the	the	DET
fbem-26270	173	7	substantial	substantial	ADJ
fbem-26270	173	8	levels	level	NOUN
fbem-26270	173	9	of	of	ADP
fbem-26270	173	10	both	both	CCONJ
fbem-26270	173	11	direct	direct	ADJ
fbem-26270	173	12	and	and	CCONJ
fbem-26270	173	13	indirect	indirect	ADJ
fbem-26270	173	14	local	local	ADJ
fbem-26270	173	15	government	government	NOUN
fbem-26270	173	16	debt	debt	NOUN
fbem-26270	173	17	.	.	PUNCT
fbem-26270	174	1	addressing	address	VERB
fbem-26270	174	2	this	this	DET
fbem-26270	174	3	issue	issue	NOUN
fbem-26270	174	4	will	will	AUX
fbem-26270	174	5	require	require	VERB
fbem-26270	174	6	china	china	PROPN
fbem-26270	174	7	to	to	PART
fbem-26270	174	8	find	find	VERB
fbem-26270	174	9	alternative	alternative	ADJ
fbem-26270	174	10	revenue	revenue	NOUN
fbem-26270	174	11	sources	source	NOUN
fbem-26270	174	12	for	for	ADP
fbem-26270	174	13	local	local	ADJ
fbem-26270	174	14	governments	government	NOUN
fbem-26270	174	15	to	to	PART
fbem-26270	174	16	fund	fund	VERB
fbem-26270	174	17	essential	essential	ADJ
fbem-26270	174	18	services	service	NOUN
fbem-26270	174	19	,	,	PUNCT
fbem-26270	174	20	such	such	ADJ
fbem-26270	174	21	as	as	ADP
fbem-26270	174	22	healthcare	healthcare	NOUN
fbem-26270	174	23	and	and	CCONJ
fbem-26270	174	24	education	education	NOUN
fbem-26270	174	25	,	,	PUNCT
fbem-26270	174	26	in	in	ADP
fbem-26270	174	27	order	order	NOUN
fbem-26270	174	28	to	to	PART
fbem-26270	174	29	facilitate	facilitate	VERB
fbem-26270	174	30	a	a	DET
fbem-26270	174	31	smoother	smooth	ADJ
fbem-26270	174	32	transition	transition	NOUN
fbem-26270	174	33	away	away	ADV
fbem-26270	174	34	from	from	ADP
fbem-26270	174	35	a	a	DET
fbem-26270	174	36	real	real	ADJ
fbem-26270	174	37	estatedriven	estatedriven	ADJ
fbem-26270	174	38	growth	growth	NOUN
fbem-26270	174	39	model	model	NOUN
fbem-26270	174	40	.	.	PUNCT
fbem-26270	175	1	figure	figure	VERB
fbem-26270	175	2	12	12	NUM
fbem-26270	175	3	presents	present	NOUN
fbem-26270	175	4	a	a	DET
fbem-26270	175	5	conservative	conservative	ADJ
fbem-26270	175	6	estimate	estimate	NOUN
fbem-26270	175	7	of	of	ADP
fbem-26270	175	8	local	local	ADJ
fbem-26270	175	9	government	government	NOUN
fbem-26270	175	10	debt	debt	NOUN
fbem-26270	175	11	incurred	incur	VERB
fbem-26270	175	12	through	through	ADP
fbem-26270	175	13	local	local	ADJ
fbem-26270	175	14	government	government	NOUN
fbem-26270	175	15	financing	financing	NOUN
fbem-26270	175	16	vehicles	vehicle	NOUN
fbem-26270	175	17	(	(	PUNCT
fbem-26270	175	18	lgfvs	lgfvs	ADJ
fbem-26270	175	19	)	)	PUNCT
fbem-26270	175	20	,	,	PUNCT
fbem-26270	175	21	illustrating	illustrate	VERB
fbem-26270	175	22	the	the	DET
fbem-26270	175	23	scale	scale	NOUN
fbem-26270	175	24	of	of	ADP
fbem-26270	175	25	the	the	DET
fbem-26270	175	26	debt	debt	NOUN
fbem-26270	175	27	issue	issue	NOUN
fbem-26270	175	28	.	.	PUNCT
fbem-26270	176	1	to	to	PART
fbem-26270	176	2	investigate	investigate	VERB
fbem-26270	176	3	the	the	DET
fbem-26270	176	4	relationship	relationship	NOUN
fbem-26270	176	5	between	between	ADP
fbem-26270	176	6	real	real	ADJ
fbem-26270	176	7	estate	estate	NOUN
fbem-26270	176	8	investment	investment	NOUN
fbem-26270	176	9	and	and	CCONJ
fbem-26270	176	10	local	local	ADJ
fbem-26270	176	11	government	government	NOUN
fbem-26270	176	12	debt	debt	NOUN
fbem-26270	176	13	accumulation	accumulation	NOUN
fbem-26270	176	14	,	,	PUNCT
fbem-26270	176	15	we	we	PRON
fbem-26270	176	16	employ	employ	VERB
fbem-26270	176	17	across	across	ADP
fbem-26270	176	18	-	-	PUNCT
fbem-26270	176	19	city	city	NOUN
fbem-26270	176	20	time	time	NOUN
fbem-26270	176	21	series	series	PROPN
fbem-26270	176	22	panel	panel	NOUN
fbem-26270	176	23	regressions	regression	NOUN
fbem-26270	176	24	,	,	PUNCT
fbem-26270	176	25	similar	similar	ADJ
fbem-26270	176	26	to	to	ADP
fbem-26270	176	27	the	the	DET
fbem-26270	176	28	approach	approach	NOUN
fbem-26270	176	29	used	use	VERB
fbem-26270	176	30	in	in	ADP
fbem-26270	176	31	section	section	NOUN
fbem-26270	176	32	3	3	NUM
fbem-26270	176	33	.	.	PUNCT
fbem-26270	177	1	this	this	DET
fbem-26270	177	2	analysis	analysis	NOUN
fbem-26270	177	3	utilizes	utilize	VERB
fbem-26270	177	4	the	the	DET
fbem-26270	177	5	same	same	ADJ
fbem-26270	177	6	instrumental	instrumental	ADJ
fbem-26270	177	7	variable	variable	NOUN
fbem-26270	177	8	as	as	ADP
fbem-26270	177	9	in	in	ADP
fbem-26270	177	10	previous	previous	ADJ
fbem-26270	177	11	regressions	regression	NOUN
fbem-26270	177	12	to	to	PART
fbem-26270	177	13	address	address	VERB
fbem-26270	177	14	endogeneity	endogeneity	NOUN
fbem-26270	177	15	concerns	concern	NOUN
fbem-26270	177	16	.	.	PUNCT
fbem-26270	178	1	the	the	DET
fbem-26270	178	2	results	result	NOUN
fbem-26270	178	3	consistently	consistently	ADV
fbem-26270	178	4	hold	hold	VERB
fbem-26270	178	5	across	across	ADP
fbem-26270	178	6	different	different	ADJ
fbem-26270	178	7	instrumental	instrumental	ADJ
fbem-26270	178	8	variable	variable	ADJ
fbem-26270	178	9	specifications	specification	NOUN
fbem-26270	178	10	.	.	PUNCT
fbem-26270	179	1	figure	figure	NOUN
fbem-26270	179	2	12	12	NUM
fbem-26270	179	3	.	.	PUNCT
fbem-26270	180	1	local	local	ADJ
fbem-26270	180	2	government	government	NOUN
fbem-26270	180	3	debt	debt	NOUN
fbem-26270	180	4	associated	associate	VERB
fbem-26270	180	5	with	with	ADP
fbem-26270	180	6	lgfvs	lgfvs	ADJ
fbem-26270	180	7	in	in	ADP
fbem-26270	180	8	the	the	DET
fbem-26270	180	9	initial	initial	ADJ
fbem-26270	180	10	stage	stage	NOUN
fbem-26270	180	11	,	,	PUNCT
fbem-26270	180	12	x	x	PRON
fbem-26270	180	13	indicates	indicate	VERB
fbem-26270	180	14	the	the	DET
fbem-26270	180	15	ratio	ratio	NOUN
fbem-26270	180	16	of	of	ADP
fbem-26270	180	17	real	real	ADJ
fbem-26270	180	18	estate	estate	NOUN
fbem-26270	180	19	investments	investment	NOUN
fbem-26270	180	20	at	at	ADP
fbem-26270	180	21	the	the	DET
fbem-26270	180	22	city	city	NOUN
fbem-26270	180	23	level	level	NOUN
fbem-26270	180	24	,	,	PUNCT
fbem-26270	180	25	while	while	SCONJ
fbem-26270	180	26	iv	iv	NOUN
fbem-26270	180	27	refers	refer	VERB
fbem-26270	180	28	to	to	ADP
fbem-26270	180	29	the	the	DET
fbem-26270	180	30	shift	shift	NOUN
fbem-26270	180	31	-	-	PUNCT
fbem-26270	180	32	share	share	NOUN
fbem-26270	180	33	272	272	NUM
fbem-26270	180	34	instrumental	instrumental	ADJ
fbem-26270	180	35	variable	variable	NOUN
fbem-26270	180	36	.	.	PUNCT
fbem-26270	181	1	c	c	NOUN
fbem-26270	181	2	consists	consist	VERB
fbem-26270	181	3	of	of	ADP
fbem-26270	181	4	a	a	DET
fbem-26270	181	5	vector	vector	NOUN
fbem-26270	181	6	of	of	ADP
fbem-26270	181	7	control	control	NOUN
fbem-26270	181	8	variables	variable	NOUN
fbem-26270	181	9	,	,	PUNCT
fbem-26270	181	10	including	include	VERB
fbem-26270	181	11	lagged	lag	VERB
fbem-26270	181	12	per	per	ADP
fbem-26270	181	13	capita	capita	X
fbem-26270	181	14	real	real	PROPN
fbem-26270	181	15	gdp	gdp	NOUN
fbem-26270	181	16	,	,	PUNCT
fbem-26270	181	17	population	population	NOUN
fbem-26270	181	18	growth	growth	NOUN
fbem-26270	181	19	,	,	PUNCT
fbem-26270	181	20	urbanization	urbanization	NOUN
fbem-26270	181	21	rates	rate	NOUN
fbem-26270	181	22	,	,	PUNCT
fbem-26270	181	23	and	and	CCONJ
fbem-26270	181	24	the	the	DET
fbem-26270	181	25	balance	balance	NOUN
fbem-26270	181	26	of	of	ADP
fbem-26270	181	27	city	city	NOUN
fbem-26270	181	28	bonds	bond	NOUN
fbem-26270	181	29	.	.	PUNCT
fbem-26270	182	1	the	the	DET
fbem-26270	182	2	term	term	NOUN
fbem-26270	182	3	𝜃𝑖	𝜃𝑖	PRON
fbem-26270	182	4	represents	represent	VERB
fbem-26270	182	5	city	city	NOUN
fbem-26270	182	6	-	-	PUNCT
fbem-26270	182	7	level	level	NOUN
fbem-26270	182	8	fixed	fix	VERB
fbem-26270	182	9	effects	effect	NOUN
fbem-26270	182	10	,	,	PUNCT
fbem-26270	182	11	which	which	PRON
fbem-26270	182	12	account	account	VERB
fbem-26270	182	13	for	for	ADP
fbem-26270	182	14	unobserved	unobserved	ADJ
fbem-26270	182	15	heterogeneity	heterogeneity	NOUN
fbem-26270	182	16	between	between	ADP
fbem-26270	182	17	cities	city	NOUN
fbem-26270	182	18	.	.	PUNCT
fbem-26270	183	1	𝜇𝑡	𝜇𝑡	PROPN
fbem-26270	183	2	signifies	signifie	NOUN
fbem-26270	183	3	year	year	VERB
fbem-26270	183	4	fixed	fix	VERB
fbem-26270	183	5	effects	effect	NOUN
fbem-26270	183	6	that	that	PRON
fbem-26270	183	7	capture	capture	VERB
fbem-26270	183	8	macroeconomic	macroeconomic	ADJ
fbem-26270	183	9	shocks	shock	NOUN
fbem-26270	183	10	occurring	occur	VERB
fbem-26270	183	11	nationwide	nationwide	ADV
fbem-26270	183	12	.	.	PUNCT
fbem-26270	184	1	finally	finally	ADV
fbem-26270	184	2	,	,	PUNCT
fbem-26270	184	3	𝑖	𝑖	PROPN
fbem-26270	184	4	denotes	denote	VERB
fbem-26270	184	5	the	the	DET
fbem-26270	184	6	error	error	NOUN
fbem-26270	184	7	term	term	NOUN
fbem-26270	184	8	.	.	PUNCT
fbem-26270	185	1	𝑋𝑖,𝑡+1	𝑋𝑖,𝑡+1	NOUN
fbem-26270	185	2	=	=	NOUN
fbem-26270	185	3	∝0	∝0	NOUN
fbem-26270	185	4	+	+	X
fbem-26270	185	5	𝐴1𝐼𝑉𝑖	𝐴1𝐼𝑉𝑖	PROPN
fbem-26270	185	6	+	+	CCONJ
fbem-26270	185	7	𝐴2	𝐴2	PROPN
fbem-26270	185	8	×	×	PROPN
fbem-26270	185	9	𝐶𝑖,𝑡	𝐶𝑖,𝑡	PROPN
fbem-26270	185	10	+	+	CCONJ
fbem-26270	185	11	𝜇𝑡+	𝜇𝑡+	VERB
fbem-26270	185	12	𝑖	𝑖	SYM
fbem-26270	185	13	(	(	PUNCT
fbem-26270	185	14	3	3	NUM
fbem-26270	185	15	)	)	PUNCT
fbem-26270	185	16	𝑑𝑖,𝑡+1	𝑑𝑖,𝑡+1	NOUN
fbem-26270	185	17	=	=	SYM
fbem-26270	185	18	𝛽0	𝛽0	NOUN
fbem-26270	185	19	+	+	CCONJ
fbem-26270	185	20	𝛽1𝐼𝑉𝑖	𝛽1𝐼𝑉𝑖	PROPN
fbem-26270	185	21	+	+	CCONJ
fbem-26270	185	22	𝐵	𝐵	NOUN
fbem-26270	185	23	×	×	NOUN
fbem-26270	185	24	𝐶𝑖,𝑡	𝐶𝑖,𝑡	PROPN
fbem-26270	185	25	+	+	CCONJ
fbem-26270	185	26	𝜇𝑡+	𝜇𝑡+	VERB
fbem-26270	185	27	𝑖	𝑖	SYM
fbem-26270	185	28	(	(	PUNCT
fbem-26270	185	29	4	4	NUM
fbem-26270	185	30	)	)	PUNCT
fbem-26270	185	31	in	in	ADP
fbem-26270	185	32	the	the	DET
fbem-26270	185	33	second	second	ADJ
fbem-26270	185	34	stage	stage	NOUN
fbem-26270	185	35	,	,	PUNCT
fbem-26270	185	36	𝑑𝑖,𝑡+1	𝑑𝑖,𝑡+1	NOUN
fbem-26270	185	37	refers	refer	VERB
fbem-26270	185	38	to	to	ADP
fbem-26270	185	39	the	the	DET
fbem-26270	185	40	ratio	ratio	NOUN
fbem-26270	185	41	of	of	ADP
fbem-26270	185	42	debt	debt	NOUN
fbem-26270	185	43	to	to	ADP
fbem-26270	185	44	gdp	gdp	NOUN
fbem-26270	185	45	or	or	CCONJ
fbem-26270	185	46	the	the	DET
fbem-26270	185	47	ratio	ratio	NOUN
fbem-26270	185	48	of	of	ADP
fbem-26270	185	49	city	city	NOUN
fbem-26270	185	50	bonds	bond	NOUN
fbem-26270	185	51	to	to	ADP
fbem-26270	185	52	gdp	gdp	NOUN
fbem-26270	185	53	for	for	ADP
fbem-26270	185	54	city	city	PROPN
fbem-26270	185	55	iii	iii	PROPN
fbem-26270	185	56	in	in	ADP
fbem-26270	185	57	the	the	DET
fbem-26270	185	58	year	year	NOUN
fbem-26270	185	59	𝑡	𝑡	PROPN
fbem-26270	185	60	.	.	PUNCT
fbem-26270	186	1	adopting	adopt	VERB
fbem-26270	186	2	a	a	DET
fbem-26270	186	3	methodology	methodology	NOUN
fbem-26270	186	4	commonly	commonly	ADV
fbem-26270	186	5	found	find	VERB
fbem-26270	186	6	in	in	ADP
fbem-26270	186	7	existing	exist	VERB
fbem-26270	186	8	studies	study	NOUN
fbem-26270	186	9	[	[	X
fbem-26270	186	10	23	23	NUM
fbem-26270	186	11	]	]	PUNCT
fbem-26270	186	12	,	,	PUNCT
fbem-26270	186	13	we	we	PRON
fbem-26270	186	14	consider	consider	VERB
fbem-26270	186	15	two	two	NUM
fbem-26270	186	16	metrics	metric	NOUN
fbem-26270	186	17	:	:	PUNCT
fbem-26270	186	18	the	the	DET
fbem-26270	186	19	first	first	ADJ
fbem-26270	186	20	includes	include	VERB
fbem-26270	186	21	the	the	DET
fbem-26270	186	22	total	total	ADJ
fbem-26270	186	23	debt	debt	NOUN
fbem-26270	186	24	incurred	incur	VERB
fbem-26270	186	25	by	by	ADP
fbem-26270	186	26	local	local	ADJ
fbem-26270	186	27	government	government	NOUN
fbem-26270	186	28	financing	financing	NOUN
fbem-26270	186	29	vehicles	vehicle	NOUN
fbem-26270	186	30	(	(	PUNCT
fbem-26270	186	31	lgfvs	lgfvs	ADJ
fbem-26270	186	32	)	)	PUNCT
fbem-26270	186	33	,	,	PUNCT
fbem-26270	186	34	as	as	SCONJ
fbem-26270	186	35	this	this	DET
fbem-26270	186	36	so	so	ADV
fbem-26270	186	37	-	-	PUNCT
fbem-26270	186	38	called	call	VERB
fbem-26270	186	39	“	"	PUNCT
fbem-26270	186	40	hidden	hide	VERB
fbem-26270	186	41	debt	debt	NOUN
fbem-26270	186	42	”	"	PUNCT
fbem-26270	186	43	is	be	AUX
fbem-26270	186	44	often	often	ADV
fbem-26270	186	45	viewed	view	VERB
fbem-26270	186	46	as	as	ADP
fbem-26270	186	47	a	a	DET
fbem-26270	186	48	reliable	reliable	ADJ
fbem-26270	186	49	indicator	indicator	NOUN
fbem-26270	186	50	of	of	ADP
fbem-26270	186	51	local	local	ADJ
fbem-26270	186	52	government	government	NOUN
fbem-26270	186	53	liabilities	liability	NOUN
fbem-26270	186	54	.	.	PUNCT
fbem-26270	187	1	alternatively	alternatively	ADV
fbem-26270	187	2	,	,	PUNCT
fbem-26270	187	3	we	we	PRON
fbem-26270	187	4	examine	examine	VERB
fbem-26270	187	5	the	the	DET
fbem-26270	187	6	amount	amount	NOUN
fbem-26270	187	7	of	of	ADP
fbem-26270	187	8	city	city	NOUN
fbem-26270	187	9	investment	investment	NOUN
fbem-26270	187	10	bonds	bond	NOUN
fbem-26270	187	11	issued	issue	VERB
fbem-26270	187	12	by	by	ADP
fbem-26270	187	13	lgfvs	lgfvs	ADJ
fbem-26270	187	14	to	to	PART
fbem-26270	187	15	reflect	reflect	VERB
fbem-26270	187	16	the	the	DET
fbem-26270	187	17	flow	flow	NOUN
fbem-26270	187	18	of	of	ADP
fbem-26270	187	19	local	local	ADJ
fbem-26270	187	20	government	government	NOUN
fbem-26270	187	21	debt	debt	NOUN
fbem-26270	187	22	.	.	PUNCT
fbem-26270	188	1	the	the	DET
fbem-26270	188	2	compilation	compilation	NOUN
fbem-26270	188	3	of	of	ADP
fbem-26270	188	4	lgfvs	lgfvs	ADJ
fbem-26270	188	5	is	be	AUX
fbem-26270	188	6	based	base	VERB
fbem-26270	188	7	on	on	ADP
fbem-26270	188	8	data	datum	NOUN
fbem-26270	188	9	from	from	ADP
fbem-26270	188	10	the	the	DET
fbem-26270	188	11	china	china	PROPN
fbem-26270	188	12	banking	banking	PROPN
fbem-26270	188	13	regulatory	regulatory	ADJ
fbem-26270	188	14	commission	commission	PROPN
fbem-26270	188	15	(	(	PUNCT
fbem-26270	188	16	cbrc	cbrc	NOUN
fbem-26270	188	17	)	)	PUNCT
fbem-26270	189	1	[	[	X
fbem-26270	189	2	24	24	NUM
fbem-26270	189	3	]	]	PUNCT
fbem-26270	189	4	.	.	PUNCT
fbem-26270	190	1	bond	bond	NOUN
fbem-26270	190	2	issuance	issuance	NOUN
fbem-26270	190	3	linked	link	VERB
fbem-26270	190	4	to	to	ADP
fbem-26270	190	5	these	these	DET
fbem-26270	190	6	entities	entity	NOUN
fbem-26270	190	7	is	be	AUX
fbem-26270	190	8	gathered	gather	VERB
fbem-26270	190	9	from	from	ADP
fbem-26270	190	10	the	the	DET
fbem-26270	190	11	official	official	ADJ
fbem-26270	190	12	site	site	NOUN
fbem-26270	190	13	of	of	ADP
fbem-26270	190	14	the	the	DET
fbem-26270	190	15	china	china	PROPN
fbem-26270	190	16	central	central	PROPN
fbem-26270	190	17	depository	depository	NOUN
fbem-26270	190	18	and	and	CCONJ
fbem-26270	190	19	clearing	clearing	NOUN
fbem-26270	190	20	company	company	NOUN
fbem-26270	190	21	limited	limit	VERB
fbem-26270	190	22	(	(	PUNCT
fbem-26270	190	23	ccdc	ccdc	PROPN
fbem-26270	190	24	)	)	PUNCT
fbem-26270	190	25	and	and	CCONJ
fbem-26270	190	26	validated	validate	VERB
fbem-26270	190	27	against	against	ADP
fbem-26270	190	28	data	datum	NOUN
fbem-26270	190	29	from	from	ADP
fbem-26270	190	30	sources	source	NOUN
fbem-26270	190	31	like	like	ADP
fbem-26270	190	32	hexun	hexun	NOUN
fbem-26270	190	33	bond	bond	NOUN
fbem-26270	190	34	and	and	CCONJ
fbem-26270	190	35	the	the	DET
fbem-26270	190	36	ceinet	ceinet	NOUN
fbem-26270	190	37	statistics	statistic	NOUN
fbem-26270	190	38	database	database	NOUN
fbem-26270	191	1	[	[	X
fbem-26270	191	2	25	25	NUM
fbem-26270	191	3	]	]	PUNCT
fbem-26270	191	4	to	to	PART
fbem-26270	191	5	ensure	ensure	VERB
fbem-26270	191	6	accuracy	accuracy	NOUN
fbem-26270	191	7	.	.	PUNCT
fbem-26270	192	1	the	the	DET
fbem-26270	192	2	final	final	ADJ
fbem-26270	192	3	dataset	dataset	NOUN
fbem-26270	192	4	covers	cover	VERB
fbem-26270	192	5	the	the	DET
fbem-26270	192	6	years	year	NOUN
fbem-26270	192	7	from	from	ADP
fbem-26270	192	8	2006	2006	NUM
fbem-26270	192	9	to	to	ADP
fbem-26270	192	10	2018	2018	NUM
fbem-26270	192	11	.	.	PUNCT
fbem-26270	193	1	the	the	DET
fbem-26270	193	2	key	key	ADJ
fbem-26270	193	3	coefficient	coefficient	NOUN
fbem-26270	193	4	of	of	ADP
fbem-26270	193	5	interest	interest	NOUN
fbem-26270	193	6	,	,	PUNCT
fbem-26270	193	7	b1b_1b1	b1b_1b1	PROPN
fbem-26270	193	8	,	,	PUNCT
fbem-26270	193	9	indicates	indicate	VERB
fbem-26270	193	10	that	that	SCONJ
fbem-26270	193	11	a	a	DET
fbem-26270	193	12	positive	positive	ADJ
fbem-26270	193	13	and	and	CCONJ
fbem-26270	193	14	significant	significant	ADJ
fbem-26270	193	15	result	result	NOUN
fbem-26270	193	16	would	would	AUX
fbem-26270	193	17	imply	imply	VERB
fbem-26270	193	18	that	that	SCONJ
fbem-26270	193	19	increased	increase	VERB
fbem-26270	193	20	reliance	reliance	NOUN
fbem-26270	193	21	on	on	ADP
fbem-26270	193	22	real	real	ADJ
fbem-26270	193	23	estate	estate	NOUN
fbem-26270	193	24	correlates	correlate	VERB
fbem-26270	193	25	with	with	ADP
fbem-26270	193	26	higher	high	ADJ
fbem-26270	193	27	levels	level	NOUN
fbem-26270	193	28	of	of	ADP
fbem-26270	193	29	local	local	ADJ
fbem-26270	193	30	government	government	NOUN
fbem-26270	193	31	debt	debt	NOUN
fbem-26270	193	32	.	.	PUNCT
fbem-26270	194	1	table	table	NOUN
fbem-26270	194	2	3	3	NUM
fbem-26270	194	3	.	.	PUNCT
fbem-26270	195	1	local	local	ADJ
fbem-26270	195	2	government	government	NOUN
fbem-26270	195	3	debt	debt	NOUN
fbem-26270	195	4	variable	variable	NOUN
fbem-26270	195	5	(	(	PUNCT
fbem-26270	195	6	1	1	NUM
fbem-26270	195	7	)	)	PUNCT
fbem-26270	195	8	debt	debt	NOUN
fbem-26270	195	9	/	/	SYM
fbem-26270	195	10	gdp	gdp	NOUN
fbem-26270	195	11	(	(	PUNCT
fbem-26270	195	12	2	2	NUM
fbem-26270	195	13	)	)	PUNCT
fbem-26270	195	14	city	city	NOUN
fbem-26270	195	15	bond	bond	NOUN
fbem-26270	195	16	/	/	SYM
fbem-26270	195	17	gdp	gdp	NOUN
fbem-26270	195	18	real	real	ADJ
fbem-26270	195	19	estate	estate	NOUN
fbem-26270	195	20	investment	investment	NOUN
fbem-26270	195	21	/	/	SYM
fbem-26270	195	22	gdp	gdp	NOUN
fbem-26270	195	23	(	(	PUNCT
fbem-26270	195	24	instrumented	instrumented	ADJ
fbem-26270	195	25	)	)	PUNCT
fbem-26270	195	26	0.510	0.510	NUM
fbem-26270	195	27	*	*	PUNCT
fbem-26270	195	28	*	*	PUNCT
fbem-26270	195	29	*	*	PUNCT
fbem-26270	195	30	(	(	PUNCT
fbem-26270	195	31	0.105	0.105	NUM
fbem-26270	195	32	)	)	PUNCT
fbem-26270	195	33	0.060	0.060	NUM
fbem-26270	195	34	*	*	PUNCT
fbem-26270	195	35	*	*	PUNCT
fbem-26270	195	36	*	*	PUNCT
fbem-26270	195	37	(	(	PUNCT
fbem-26270	195	38	0.018	0.018	NUM
fbem-26270	195	39	)	)	PUNCT
fbem-26270	195	40	per	per	ADP
fbem-26270	195	41	capita	capita	X
fbem-26270	195	42	real	real	ADJ
fbem-26270	195	43	gdp	gdp	NOUN
fbem-26270	195	44	0.067	0.067	NUM
fbem-26270	195	45	*	*	NOUN
fbem-26270	195	46	*	*	PUNCT
fbem-26270	195	47	*	*	PUNCT
fbem-26270	195	48	(	(	PUNCT
fbem-26270	195	49	0.011	0.011	NUM
fbem-26270	195	50	)	)	PUNCT
fbem-26270	195	51	0.010	0.010	NUM
fbem-26270	195	52	*	*	PUNCT
fbem-26270	195	53	*	*	PUNCT
fbem-26270	195	54	*	*	PUNCT
fbem-26270	195	55	(	(	PUNCT
fbem-26270	195	56	0.002	0.002	NUM
fbem-26270	195	57	)	)	PUNCT
fbem-26270	195	58	population	population	NOUN
fbem-26270	195	59	growth	growth	NOUN
fbem-26270	195	60	0.072	0.072	NUM
fbem-26270	195	61	*	*	PUNCT
fbem-26270	195	62	(	(	PUNCT
fbem-26270	195	63	0.038	0.038	NUM
fbem-26270	195	64	)	)	PUNCT
fbem-26270	195	65	0.030	0.030	NUM
fbem-26270	195	66	*	*	PUNCT
fbem-26270	195	67	*	*	PUNCT
fbem-26270	195	68	*	*	PUNCT
fbem-26270	195	69	(	(	PUNCT
fbem-26270	195	70	0.009	0.009	NUM
fbem-26270	195	71	)	)	PUNCT
fbem-26270	195	72	urbanization	urbanization	NOUN
fbem-26270	195	73	rate	rate	NOUN
fbem-26270	195	74	0.291	0.291	NUM
fbem-26270	195	75	*	*	PUNCT
fbem-26270	195	76	*	*	PUNCT
fbem-26270	195	77	*	*	PUNCT
fbem-26270	195	78	(	(	PUNCT
fbem-26270	195	79	0.063	0.063	NUM
fbem-26270	195	80	)	)	PUNCT
fbem-26270	195	81	0.032	0.032	NUM
fbem-26270	195	82	*	*	PUNCT
fbem-26270	195	83	*	*	PUNCT
fbem-26270	195	84	*	*	PUNCT
fbem-26270	195	85	(	(	PUNCT
fbem-26270	195	86	0.011	0.011	NUM
fbem-26270	195	87	)	)	PUNCT
fbem-26270	195	88	city	city	NOUN
fbem-26270	195	89	bond	bond	NOUN
fbem-26270	195	90	balance	balance	NOUN
fbem-26270	195	91	0.025	0.025	NUM
fbem-26270	195	92	*	*	PUNCT
fbem-26270	195	93	*	*	PUNCT
fbem-26270	195	94	*	*	PUNCT
fbem-26270	195	95	(	(	PUNCT
fbem-26270	195	96	0.002	0.002	NUM
fbem-26270	195	97	)	)	PUNCT
fbem-26270	195	98	0.001	0.001	NUM
fbem-26270	195	99	*	*	PUNCT
fbem-26270	195	100	*	*	PUNCT
fbem-26270	195	101	*	*	PUNCT
fbem-26270	195	102	(	(	PUNCT
fbem-26270	195	103	0.000	0.000	NUM
fbem-26270	195	104	)	)	PUNCT
fbem-26270	195	105	constant	constant	ADJ
fbem-26270	195	106	0.097	0.097	NUM
fbem-26270	195	107	(	(	PUNCT
fbem-26270	195	108	0.063	0.063	NUM
fbem-26270	195	109	)	)	PUNCT
fbem-26270	195	110	-0.005	-0.005	PUNCT
fbem-26270	195	111	(	(	PUNCT
fbem-26270	195	112	0.013	0.013	NUM
fbem-26270	195	113	)	)	PUNCT
fbem-26270	195	114	number	number	NOUN
fbem-26270	195	115	of	of	ADP
fbem-26270	195	116	observations	observation	NOUN
fbem-26270	195	117	3,188	3,188	NUM
fbem-26270	195	118	3,188	3,188	NUM
fbem-26270	195	119	r	r	NOUN
fbem-26270	195	120	-	-	PUNCT
fbem-26270	195	121	squared	square	VERB
fbem-26270	195	122	0.881	0.881	NUM
fbem-26270	195	123	0.580	0.580	NUM
fbem-26270	195	124	city	city	NOUN
fbem-26270	195	125	fixed	fix	VERB
fbem-26270	195	126	effects	effect	NOUN
fbem-26270	196	1	yes	yes	INTJ
fbem-26270	197	1	yes	yes	INTJ
fbem-26270	197	2	year	year	NOUN
fbem-26270	197	3	fixed	fix	VERB
fbem-26270	197	4	effects	effect	NOUN
fbem-26270	197	5	yes	yes	INTJ
fbem-26270	197	6	yes	yes	INTJ
fbem-26270	197	7	table	table	NOUN
fbem-26270	197	8	3	3	NUM
fbem-26270	197	9	summarizes	summarize	VERB
fbem-26270	197	10	the	the	DET
fbem-26270	197	11	results	result	NOUN
fbem-26270	197	12	.	.	PUNCT
fbem-26270	198	1	in	in	ADP
fbem-26270	198	2	column	column	NOUN
fbem-26270	198	3	(	(	PUNCT
fbem-26270	198	4	1	1	NUM
fbem-26270	198	5	)	)	PUNCT
fbem-26270	198	6	,	,	PUNCT
fbem-26270	198	7	the	the	DET
fbem-26270	198	8	dependent	dependent	ADJ
fbem-26270	198	9	variable	variable	NOUN
fbem-26270	198	10	is	be	AUX
fbem-26270	198	11	the	the	DET
fbem-26270	198	12	debt	debt	NOUN
fbem-26270	198	13	-	-	PUNCT
fbem-26270	198	14	to	to	ADP
fbem-26270	198	15	-	-	PUNCT
fbem-26270	198	16	gdp	gdp	NOUN
fbem-26270	198	17	ratio	ratio	NOUN
fbem-26270	198	18	,	,	PUNCT
fbem-26270	198	19	and	and	CCONJ
fbem-26270	198	20	it	it	PRON
fbem-26270	198	21	includes	include	VERB
fbem-26270	198	22	controls	control	NOUN
fbem-26270	198	23	for	for	ADP
fbem-26270	198	24	per	per	ADP
fbem-26270	198	25	capita	capita	X
fbem-26270	198	26	gdp	gdp	NOUN
fbem-26270	198	27	,	,	PUNCT
fbem-26270	198	28	population	population	NOUN
fbem-26270	198	29	growth	growth	NOUN
fbem-26270	198	30	,	,	PUNCT
fbem-26270	198	31	and	and	CCONJ
fbem-26270	198	32	urbanization	urbanization	NOUN
fbem-26270	198	33	rates	rate	NOUN
fbem-26270	198	34	.	.	PUNCT
fbem-26270	199	1	the	the	DET
fbem-26270	199	2	coefficient	coefficient	NOUN
fbem-26270	199	3	for	for	ADP
fbem-26270	199	4	the	the	DET
fbem-26270	199	5	instrumented	instrumented	ADJ
fbem-26270	199	6	real	real	ADJ
fbem-26270	199	7	estate	estate	NOUN
fbem-26270	199	8	investment	investment	NOUN
fbem-26270	199	9	ratio	ratio	NOUN
fbem-26270	199	10	is	be	AUX
fbem-26270	199	11	found	find	VERB
fbem-26270	199	12	to	to	PART
fbem-26270	199	13	be	be	AUX
fbem-26270	199	14	positive	positive	ADJ
fbem-26270	199	15	and	and	CCONJ
fbem-26270	199	16	significant	significant	ADJ
fbem-26270	199	17	at	at	ADP
fbem-26270	199	18	the	the	DET
fbem-26270	199	19	1	1	NUM
fbem-26270	199	20	%	%	NOUN
fbem-26270	199	21	level	level	NOUN
fbem-26270	199	22	,	,	PUNCT
fbem-26270	199	23	suggesting	suggest	VERB
fbem-26270	199	24	that	that	SCONJ
fbem-26270	199	25	real	real	ADJ
fbem-26270	199	26	estate	estate	NOUN
fbem-26270	199	27	development	development	NOUN
fbem-26270	199	28	has	have	VERB
fbem-26270	199	29	a	a	DET
fbem-26270	199	30	notable	notable	ADJ
fbem-26270	199	31	impact	impact	NOUN
fbem-26270	199	32	on	on	ADP
fbem-26270	199	33	increasing	increase	VERB
fbem-26270	199	34	local	local	ADJ
fbem-26270	199	35	government	government	NOUN
fbem-26270	199	36	debt	debt	NOUN
fbem-26270	199	37	.	.	PUNCT
fbem-26270	200	1	results	result	NOUN
fbem-26270	200	2	in	in	ADP
fbem-26270	200	3	column	column	NOUN
fbem-26270	200	4	(	(	PUNCT
fbem-26270	200	5	2	2	X
fbem-26270	200	6	)	)	PUNCT
fbem-26270	200	7	further	far	ADV
fbem-26270	200	8	indicate	indicate	VERB
fbem-26270	200	9	that	that	SCONJ
fbem-26270	200	10	a	a	DET
fbem-26270	200	11	rise	rise	NOUN
fbem-26270	200	12	in	in	ADP
fbem-26270	200	13	real	real	ADJ
fbem-26270	200	14	estate	estate	NOUN
fbem-26270	200	15	investment	investment	NOUN
fbem-26270	200	16	is	be	AUX
fbem-26270	200	17	associated	associate	VERB
fbem-26270	200	18	with	with	ADP
fbem-26270	200	19	a	a	DET
fbem-26270	200	20	significant	significant	ADJ
fbem-26270	200	21	increase	increase	NOUN
fbem-26270	200	22	in	in	ADP
fbem-26270	200	23	the	the	DET
fbem-26270	200	24	issuance	issuance	NOUN
fbem-26270	200	25	of	of	ADP
fbem-26270	200	26	city	city	NOUN
fbem-26270	200	27	bonds	bond	NOUN
fbem-26270	200	28	.	.	PUNCT
fbem-26270	201	1	while	while	SCONJ
fbem-26270	201	2	this	this	DET
fbem-26270	201	3	sustained	sustained	ADJ
fbem-26270	201	4	investment	investment	NOUN
fbem-26270	201	5	has	have	VERB
fbem-26270	201	6	advanced	advance	VERB
fbem-26270	201	7	urbanization	urbanization	NOUN
fbem-26270	201	8	and	and	CCONJ
fbem-26270	201	9	improved	improved	ADJ
fbem-26270	201	10	infrastructure	infrastructure	NOUN
fbem-26270	201	11	,	,	PUNCT
fbem-26270	201	12	the	the	DET
fbem-26270	201	13	accompanying	accompanying	ADJ
fbem-26270	201	14	rise	rise	NOUN
fbem-26270	201	15	in	in	ADP
fbem-26270	201	16	local	local	ADJ
fbem-26270	201	17	government	government	NOUN
fbem-26270	201	18	debt	debt	NOUN
fbem-26270	201	19	may	may	AUX
fbem-26270	201	20	restrict	restrict	VERB
fbem-26270	201	21	fiscal	fiscal	ADJ
fbem-26270	201	22	flexibility	flexibility	NOUN
fbem-26270	201	23	and	and	CCONJ
fbem-26270	201	24	negatively	negatively	ADV
fbem-26270	201	25	affect	affect	VERB
fbem-26270	201	26	future	future	ADJ
fbem-26270	201	27	growth	growth	NOUN
fbem-26270	201	28	potential	potential	NOUN
fbem-26270	201	29	.	.	PUNCT
fbem-26270	202	1	5	5	X
fbem-26270	202	2	.	.	X
fbem-26270	202	3	conclusion	conclusion	NOUN
fbem-26270	202	4	in	in	ADP
fbem-26270	202	5	conclusion	conclusion	NOUN
fbem-26270	202	6	,	,	PUNCT
fbem-26270	202	7	this	this	DET
fbem-26270	202	8	study	study	NOUN
fbem-26270	202	9	provides	provide	VERB
fbem-26270	202	10	valuable	valuable	ADJ
fbem-26270	202	11	insights	insight	NOUN
fbem-26270	202	12	into	into	ADP
fbem-26270	202	13	the	the	DET
fbem-26270	202	14	complex	complex	ADJ
fbem-26270	202	15	relationship	relationship	NOUN
fbem-26270	202	16	between	between	ADP
fbem-26270	202	17	real	real	ADJ
fbem-26270	202	18	estate	estate	NOUN
fbem-26270	202	19	investment	investment	NOUN
fbem-26270	202	20	and	and	CCONJ
fbem-26270	202	21	local	local	ADJ
fbem-26270	202	22	government	government	NOUN
fbem-26270	202	23	debt	debt	NOUN
fbem-26270	202	24	levels	level	NOUN
fbem-26270	202	25	.	.	PUNCT
fbem-26270	203	1	our	our	PRON
fbem-26270	203	2	analysis	analysis	NOUN
fbem-26270	203	3	reveals	reveal	VERB
fbem-26270	203	4	a	a	DET
fbem-26270	203	5	clear	clear	ADJ
fbem-26270	203	6	and	and	CCONJ
fbem-26270	203	7	significant	significant	ADJ
fbem-26270	203	8	correlation	correlation	NOUN
fbem-26270	203	9	between	between	ADP
fbem-26270	203	10	the	the	DET
fbem-26270	203	11	ratio	ratio	NOUN
fbem-26270	203	12	of	of	ADP
fbem-26270	203	13	real	real	ADJ
fbem-26270	203	14	estate	estate	NOUN
fbem-26270	203	15	investments	investment	NOUN
fbem-26270	203	16	and	and	CCONJ
fbem-26270	203	17	the	the	DET
fbem-26270	203	18	debt	debt	NOUN
fbem-26270	203	19	-	-	PUNCT
fbem-26270	203	20	to	to	ADP
fbem-26270	203	21	-	-	PUNCT
fbem-26270	203	22	gdp	gdp	NOUN
fbem-26270	203	23	ratio	ratio	NOUN
fbem-26270	203	24	at	at	ADP
fbem-26270	203	25	the	the	DET
fbem-26270	203	26	city	city	NOUN
fbem-26270	203	27	level	level	NOUN
fbem-26270	203	28	.	.	PUNCT
fbem-26270	204	1	this	this	DET
fbem-26270	204	2	finding	finding	NOUN
fbem-26270	204	3	underscores	underscore	VERB
fbem-26270	204	4	the	the	DET
fbem-26270	204	5	critical	critical	ADJ
fbem-26270	204	6	role	role	NOUN
fbem-26270	204	7	that	that	PRON
fbem-26270	204	8	real	real	ADJ
fbem-26270	204	9	estate	estate	NOUN
fbem-26270	204	10	development	development	NOUN
fbem-26270	204	11	plays	play	VERB
fbem-26270	204	12	in	in	ADP
fbem-26270	204	13	shaping	shape	VERB
fbem-26270	204	14	the	the	DET
fbem-26270	204	15	financial	financial	ADJ
fbem-26270	204	16	landscape	landscape	NOUN
fbem-26270	204	17	of	of	ADP
fbem-26270	204	18	local	local	ADJ
fbem-26270	204	19	governments	government	NOUN
fbem-26270	204	20	.	.	PUNCT
fbem-26270	205	1	as	as	SCONJ
fbem-26270	205	2	cities	city	NOUN
fbem-26270	205	3	increasingly	increasingly	ADV
fbem-26270	205	4	depend	depend	VERB
fbem-26270	205	5	on	on	ADP
fbem-26270	205	6	real	real	ADJ
fbem-26270	205	7	estate	estate	NOUN
fbem-26270	205	8	as	as	ADP
fbem-26270	205	9	a	a	DET
fbem-26270	205	10	primary	primary	ADJ
fbem-26270	205	11	driver	driver	NOUN
fbem-26270	205	12	of	of	ADP
fbem-26270	205	13	economic	economic	ADJ
fbem-26270	205	14	growth	growth	NOUN
fbem-26270	205	15	,	,	PUNCT
fbem-26270	205	16	it	it	PRON
fbem-26270	205	17	becomes	become	VERB
fbem-26270	205	18	evident	evident	ADJ
fbem-26270	205	19	that	that	SCONJ
fbem-26270	205	20	such	such	ADJ
fbem-26270	205	21	reliance	reliance	NOUN
fbem-26270	205	22	can	can	AUX
fbem-26270	205	23	lead	lead	VERB
fbem-26270	205	24	to	to	ADP
fbem-26270	205	25	substantial	substantial	ADJ
fbem-26270	205	26	increases	increase	NOUN
fbem-26270	205	27	in	in	ADP
fbem-26270	205	28	local	local	ADJ
fbem-26270	205	29	government	government	NOUN
fbem-26270	205	30	debt	debt	NOUN
fbem-26270	205	31	burdens	burden	NOUN
fbem-26270	205	32	.	.	PUNCT
fbem-26270	206	1	the	the	DET
fbem-26270	206	2	results	result	NOUN
fbem-26270	206	3	suggest	suggest	VERB
fbem-26270	206	4	that	that	SCONJ
fbem-26270	206	5	as	as	ADP
fbem-26270	206	6	real	real	ADJ
fbem-26270	206	7	estate	estate	NOUN
fbem-26270	206	8	investment	investment	NOUN
fbem-26270	206	9	intensifies	intensifie	NOUN
fbem-26270	206	10	,	,	PUNCT
fbem-26270	206	11	so	so	ADV
fbem-26270	206	12	too	too	ADV
fbem-26270	206	13	does	do	VERB
fbem-26270	206	14	the	the	DET
fbem-26270	206	15	scale	scale	NOUN
fbem-26270	206	16	of	of	ADP
fbem-26270	206	17	debt	debt	NOUN
fbem-26270	206	18	incur	incur	NOUN
fbem-26270	206	19	by	by	ADP
fbem-26270	206	20	local	local	ADJ
fbem-26270	206	21	governments	government	NOUN
fbem-26270	206	22	.	.	PUNCT
fbem-26270	207	1	this	this	PRON
fbem-26270	207	2	is	be	AUX
fbem-26270	207	3	particularly	particularly	ADV
fbem-26270	207	4	evident	evident	ADJ
fbem-26270	207	5	through	through	ADP
fbem-26270	207	6	the	the	DET
fbem-26270	207	7	mechanism	mechanism	NOUN
fbem-26270	207	8	of	of	ADP
fbem-26270	207	9	local	local	ADJ
fbem-26270	207	10	government	government	NOUN
fbem-26270	207	11	financing	financing	NOUN
fbem-26270	207	12	vehicles	vehicle	NOUN
fbem-26270	207	13	(	(	PUNCT
fbem-26270	207	14	lgfvs	lgfvs	ADJ
fbem-26270	207	15	)	)	PUNCT
fbem-26270	207	16	,	,	PUNCT
fbem-26270	207	17	which	which	PRON
fbem-26270	207	18	have	have	AUX
fbem-26270	207	19	been	be	AUX
fbem-26270	207	20	utilized	utilize	VERB
fbem-26270	207	21	extensively	extensively	ADV
fbem-26270	207	22	to	to	PART
fbem-26270	207	23	finance	finance	VERB
fbem-26270	207	24	urban	urban	ADJ
fbem-26270	207	25	development	development	NOUN
fbem-26270	207	26	projects	project	NOUN
fbem-26270	207	27	.	.	PUNCT
fbem-26270	208	1	our	our	PRON
fbem-26270	208	2	findings	finding	NOUN
fbem-26270	208	3	indicate	indicate	VERB
fbem-26270	208	4	that	that	SCONJ
fbem-26270	208	5	the	the	DET
fbem-26270	208	6	total	total	ADJ
fbem-26270	208	7	outstanding	outstanding	ADJ
fbem-26270	208	8	debt	debt	NOUN
fbem-26270	208	9	of	of	ADP
fbem-26270	208	10	lgfvs	lgfvs	ADJ
fbem-26270	208	11	,	,	PUNCT
fbem-26270	208	12	often	often	ADV
fbem-26270	208	13	referred	refer	VERB
fbem-26270	208	14	to	to	ADP
fbem-26270	208	15	as	as	ADP
fbem-26270	208	16	"	"	PUNCT
fbem-26270	208	17	hidden	hidden	ADJ
fbem-26270	208	18	debt	debt	NOUN
fbem-26270	208	19	,	,	PUNCT
fbem-26270	208	20	"	"	PUNCT
fbem-26270	208	21	serves	serve	VERB
fbem-26270	208	22	as	as	ADP
fbem-26270	208	23	an	an	DET
fbem-26270	208	24	appropriate	appropriate	ADJ
fbem-26270	208	25	measure	measure	NOUN
fbem-26270	208	26	of	of	ADP
fbem-26270	208	27	the	the	DET
fbem-26270	208	28	actual	actual	ADJ
fbem-26270	208	29	financial	financial	ADJ
fbem-26270	208	30	liabilities	liability	NOUN
fbem-26270	208	31	faced	face	VERB
fbem-26270	208	32	by	by	ADP
fbem-26270	208	33	local	local	ADJ
fbem-26270	208	34	governments	government	NOUN
fbem-26270	208	35	.	.	PUNCT
fbem-26270	209	1	the	the	DET
fbem-26270	209	2	use	use	NOUN
fbem-26270	209	3	of	of	ADP
fbem-26270	209	4	lgfvs	lgfvs	ADJ
fbem-26270	209	5	highlights	highlight	NOUN
fbem-26270	209	6	the	the	DET
fbem-26270	209	7	innovative	innovative	ADJ
fbem-26270	209	8	yet	yet	ADV
fbem-26270	209	9	risky	risky	ADJ
fbem-26270	209	10	financial	financial	ADJ
fbem-26270	209	11	strategies	strategy	NOUN
fbem-26270	209	12	employed	employ	VERB
fbem-26270	209	13	by	by	ADP
fbem-26270	209	14	local	local	ADJ
fbem-26270	209	15	authorities	authority	NOUN
fbem-26270	209	16	to	to	PART
fbem-26270	209	17	fund	fund	VERB
fbem-26270	209	18	infrastructure	infrastructure	NOUN
fbem-26270	209	19	and	and	CCONJ
fbem-26270	209	20	urbanization	urbanization	NOUN
fbem-26270	209	21	efforts	effort	NOUN
fbem-26270	209	22	.	.	PUNCT
fbem-26270	210	1	moreover	moreover	ADV
fbem-26270	210	2	,	,	PUNCT
fbem-26270	210	3	the	the	DET
fbem-26270	210	4	study	study	NOUN
fbem-26270	210	5	identifies	identify	VERB
fbem-26270	210	6	a	a	DET
fbem-26270	210	7	notable	notable	ADJ
fbem-26270	210	8	increase	increase	NOUN
fbem-26270	210	9	in	in	ADP
fbem-26270	210	10	the	the	DET
fbem-26270	210	11	issuance	issuance	NOUN
fbem-26270	210	12	of	of	ADP
fbem-26270	210	13	city	city	NOUN
fbem-26270	210	14	bonds	bond	NOUN
fbem-26270	210	15	as	as	ADP
fbem-26270	210	16	a	a	DET
fbem-26270	210	17	consequence	consequence	NOUN
fbem-26270	210	18	of	of	ADP
fbem-26270	210	19	rising	rise	VERB
fbem-26270	210	20	real	real	ADJ
fbem-26270	210	21	estate	estate	NOUN
fbem-26270	210	22	investments	investment	NOUN
fbem-26270	210	23	.	.	PUNCT
fbem-26270	211	1	this	this	DET
fbem-26270	211	2	trend	trend	NOUN
fbem-26270	211	3	points	point	VERB
fbem-26270	211	4	to	to	ADP
fbem-26270	211	5	a	a	DET
fbem-26270	211	6	dual	dual	ADJ
fbem-26270	211	7	dynamic	dynamic	NOUN
fbem-26270	211	8	where	where	SCONJ
fbem-26270	211	9	,	,	PUNCT
fbem-26270	211	10	while	while	SCONJ
fbem-26270	211	11	local	local	ADJ
fbem-26270	211	12	governments	government	NOUN
fbem-26270	211	13	seek	seek	VERB
fbem-26270	211	14	to	to	PART
fbem-26270	211	15	capitalize	capitalize	VERB
fbem-26270	211	16	on	on	ADP
fbem-26270	211	17	the	the	DET
fbem-26270	211	18	economic	economic	ADJ
fbem-26270	211	19	benefits	benefit	NOUN
fbem-26270	211	20	of	of	ADP
fbem-26270	211	21	real	real	ADJ
fbem-26270	211	22	estate	estate	NOUN
fbem-26270	211	23	development	development	NOUN
fbem-26270	211	24	,	,	PUNCT
fbem-26270	211	25	they	they	PRON
fbem-26270	211	26	simultaneously	simultaneously	ADV
fbem-26270	211	27	create	create	VERB
fbem-26270	211	28	additional	additional	ADJ
fbem-26270	211	29	financial	financial	ADJ
fbem-26270	211	30	obligations	obligation	NOUN
fbem-26270	211	31	.	.	PUNCT
fbem-26270	212	1	the	the	DET
fbem-26270	212	2	substantial	substantial	ADJ
fbem-26270	212	3	growth	growth	NOUN
fbem-26270	212	4	in	in	ADP
fbem-26270	212	5	bond	bond	NOUN
fbem-26270	212	6	issuance	issuance	NOUN
fbem-26270	212	7	can	can	AUX
fbem-26270	212	8	facilitate	facilitate	VERB
fbem-26270	212	9	urbanization	urbanization	NOUN
fbem-26270	212	10	and	and	CCONJ
fbem-26270	212	11	infrastructure	infrastructure	NOUN
fbem-26270	212	12	enhancement	enhancement	NOUN
fbem-26270	212	13	,	,	PUNCT
fbem-26270	212	14	contributing	contribute	VERB
fbem-26270	212	15	to	to	ADP
fbem-26270	212	16	the	the	DET
fbem-26270	212	17	overall	overall	ADJ
fbem-26270	212	18	development	development	NOUN
fbem-26270	212	19	of	of	ADP
fbem-26270	212	20	the	the	DET
fbem-26270	212	21	city	city	NOUN
fbem-26270	212	22	.	.	PUNCT
fbem-26270	213	1	however	however	ADV
fbem-26270	213	2	,	,	PUNCT
fbem-26270	213	3	this	this	DET
fbem-26270	213	4	burgeoning	burgeon	VERB
fbem-26270	213	5	debt	debt	NOUN
fbem-26270	213	6	could	could	AUX
fbem-26270	213	7	potentially	potentially	ADV
fbem-26270	213	8	constrain	constrain	VERB
fbem-26270	213	9	the	the	DET
fbem-26270	213	10	fiscal	fiscal	ADJ
fbem-26270	213	11	flexibility	flexibility	NOUN
fbem-26270	213	12	of	of	ADP
fbem-26270	213	13	local	local	ADJ
fbem-26270	213	14	governments	government	NOUN
fbem-26270	213	15	,	,	PUNCT
fbem-26270	213	16	limiting	limit	VERB
fbem-26270	213	17	their	their	PRON
fbem-26270	213	18	ability	ability	NOUN
fbem-26270	213	19	to	to	PART
fbem-26270	213	20	respond	respond	VERB
fbem-26270	213	21	to	to	ADP
fbem-26270	213	22	economic	economic	ADJ
fbem-26270	213	23	fluctuations	fluctuation	NOUN
fbem-26270	213	24	and	and	CCONJ
fbem-26270	213	25	future	future	ADJ
fbem-26270	213	26	investment	investment	NOUN
fbem-26270	213	27	needs	need	NOUN
fbem-26270	213	28	.	.	PUNCT
fbem-26270	214	1	the	the	DET
fbem-26270	214	2	implications	implication	NOUN
fbem-26270	214	3	of	of	ADP
fbem-26270	214	4	these	these	DET
fbem-26270	214	5	findings	finding	NOUN
fbem-26270	214	6	are	be	AUX
fbem-26270	214	7	particularly	particularly	ADV
fbem-26270	214	8	relevant	relevant	ADJ
fbem-26270	214	9	in	in	ADP
fbem-26270	214	10	the	the	DET
fbem-26270	214	11	context	context	NOUN
fbem-26270	214	12	of	of	ADP
fbem-26270	214	13	china	china	PROPN
fbem-26270	214	14	's	's	PART
fbem-26270	214	15	ongoing	ongoing	ADJ
fbem-26270	214	16	urbanization	urbanization	NOUN
fbem-26270	214	17	efforts	effort	NOUN
fbem-26270	214	18	and	and	CCONJ
fbem-26270	214	19	the	the	DET
fbem-26270	214	20	critical	critical	ADJ
fbem-26270	214	21	need	need	NOUN
fbem-26270	214	22	for	for	ADP
fbem-26270	214	23	sustainable	sustainable	ADJ
fbem-26270	214	24	development	development	NOUN
fbem-26270	214	25	practices	practice	NOUN
fbem-26270	214	26	.	.	PUNCT
fbem-26270	215	1	policymakers	policymaker	NOUN
fbem-26270	215	2	must	must	AUX
fbem-26270	215	3	recognize	recognize	VERB
fbem-26270	215	4	that	that	SCONJ
fbem-26270	215	5	while	while	SCONJ
fbem-26270	215	6	real	real	ADJ
fbem-26270	215	7	estate	estate	NOUN
fbem-26270	215	8	investment	investment	NOUN
fbem-26270	215	9	can	can	AUX
fbem-26270	215	10	stimulate	stimulate	VERB
fbem-26270	215	11	immediate	immediate	ADJ
fbem-26270	215	12	economic	economic	ADJ
fbem-26270	215	13	activity	activity	NOUN
fbem-26270	215	14	,	,	PUNCT
fbem-26270	215	15	it	it	PRON
fbem-26270	215	16	also	also	ADV
fbem-26270	215	17	carries	carry	VERB
fbem-26270	215	18	the	the	DET
fbem-26270	215	19	risk	risk	NOUN
fbem-26270	215	20	of	of	ADP
fbem-26270	215	21	escalating	escalate	VERB
fbem-26270	215	22	debt	debt	NOUN
fbem-26270	215	23	levels	level	NOUN
fbem-26270	215	24	that	that	PRON
fbem-26270	215	25	may	may	AUX
fbem-26270	215	26	jeopardize	jeopardize	VERB
fbem-26270	215	27	long	long	ADJ
fbem-26270	215	28	-	-	PUNCT
fbem-26270	215	29	term	term	NOUN
fbem-26270	215	30	fiscal	fiscal	ADJ
fbem-26270	215	31	health	health	NOUN
fbem-26270	215	32	.	.	PUNCT
fbem-26270	216	1	a	a	DET
fbem-26270	216	2	careful	careful	ADJ
fbem-26270	216	3	balance	balance	NOUN
fbem-26270	216	4	is	be	AUX
fbem-26270	216	5	required	require	VERB
fbem-26270	216	6	to	to	PART
fbem-26270	216	7	ensure	ensure	VERB
fbem-26270	216	8	that	that	SCONJ
fbem-26270	216	9	the	the	DET
fbem-26270	216	10	benefits	benefit	NOUN
fbem-26270	216	11	of	of	ADP
fbem-26270	216	12	real	real	ADJ
fbem-26270	216	13	estate	estate	NOUN
fbem-26270	216	14	development	development	NOUN
fbem-26270	216	15	do	do	AUX
fbem-26270	216	16	not	not	PART
fbem-26270	216	17	come	come	VERB
fbem-26270	216	18	at	at	ADP
fbem-26270	216	19	the	the	DET
fbem-26270	216	20	expense	expense	NOUN
fbem-26270	216	21	of	of	ADP
fbem-26270	216	22	fiscal	fiscal	ADJ
fbem-26270	216	23	sustainability	sustainability	NOUN
fbem-26270	216	24	.	.	PUNCT
fbem-26270	217	1	as	as	SCONJ
fbem-26270	217	2	local	local	ADJ
fbem-26270	217	3	governments	government	NOUN
fbem-26270	217	4	navigate	navigate	VERB
fbem-26270	217	5	the	the	DET
fbem-26270	217	6	challenges	challenge	NOUN
fbem-26270	217	7	associated	associate	VERB
fbem-26270	217	8	with	with	ADP
fbem-26270	217	9	rising	rise	VERB
fbem-26270	217	10	debt	debt	NOUN
fbem-26270	217	11	,	,	PUNCT
fbem-26270	217	12	it	it	PRON
fbem-26270	217	13	is	be	AUX
fbem-26270	217	14	essential	essential	ADJ
fbem-26270	217	15	to	to	PART
fbem-26270	217	16	implement	implement	VERB
fbem-26270	217	17	comprehensive	comprehensive	ADJ
fbem-26270	217	18	debt	debt	NOUN
fbem-26270	217	19	management	management	NOUN
fbem-26270	217	20	strategies	strategy	NOUN
fbem-26270	217	21	.	.	PUNCT
fbem-26270	218	1	this	this	PRON
fbem-26270	218	2	could	could	AUX
fbem-26270	218	3	include	include	VERB
fbem-26270	218	4	enhancing	enhance	VERB
fbem-26270	218	5	transparency	transparency	NOUN
fbem-26270	218	6	in	in	ADP
fbem-26270	218	7	debt	debt	NOUN
fbem-26270	218	8	reporting	reporting	NOUN
fbem-26270	218	9	,	,	PUNCT
fbem-26270	218	10	adopting	adopt	VERB
fbem-26270	218	11	prudent	prudent	ADJ
fbem-26270	218	12	borrowing	borrowing	NOUN
fbem-26270	218	13	practices	practice	NOUN
fbem-26270	218	14	,	,	PUNCT
fbem-26270	218	15	and	and	CCONJ
fbem-26270	218	16	ensuring	ensure	VERB
fbem-26270	218	17	that	that	SCONJ
fbem-26270	218	18	real	real	ADJ
fbem-26270	218	19	estate	estate	NOUN
fbem-26270	218	20	projects	project	NOUN
fbem-26270	218	21	are	be	AUX
fbem-26270	218	22	aligned	align	VERB
fbem-26270	218	23	with	with	ADP
fbem-26270	218	24	broader	broad	ADJ
fbem-26270	218	25	economic	economic	ADJ
fbem-26270	218	26	goals	goal	NOUN
fbem-26270	218	27	.	.	PUNCT
fbem-26270	219	1	by	by	ADP
fbem-26270	219	2	prioritizing	prioritize	VERB
fbem-26270	219	3	fiscal	fiscal	ADJ
fbem-26270	219	4	responsibility	responsibility	NOUN
fbem-26270	219	5	and	and	CCONJ
fbem-26270	219	6	sustainable	sustainable	ADJ
fbem-26270	219	7	development	development	NOUN
fbem-26270	219	8	,	,	PUNCT
fbem-26270	219	9	local	local	ADJ
fbem-26270	219	10	governments	government	NOUN
fbem-26270	219	11	can	can	AUX
fbem-26270	219	12	mitigate	mitigate	VERB
fbem-26270	219	13	the	the	DET
fbem-26270	219	14	risks	risk	NOUN
fbem-26270	219	15	associated	associate	VERB
fbem-26270	219	16	with	with	ADP
fbem-26270	219	17	high	high	ADJ
fbem-26270	219	18	debt	debt	NOUN
fbem-26270	219	19	levels	level	NOUN
fbem-26270	219	20	while	while	SCONJ
fbem-26270	219	21	still	still	ADV
fbem-26270	219	22	fostering	foster	VERB
fbem-26270	219	23	economic	economic	ADJ
fbem-26270	219	24	growth	growth	NOUN
fbem-26270	219	25	.	.	PUNCT
fbem-26270	220	1	additionally	additionally	ADV
fbem-26270	220	2	,	,	PUNCT
fbem-26270	220	3	this	this	DET
fbem-26270	220	4	study	study	NOUN
fbem-26270	220	5	highlights	highlight	VERB
fbem-26270	220	6	the	the	DET
fbem-26270	220	7	need	need	NOUN
fbem-26270	220	8	for	for	ADP
fbem-26270	220	9	ongoing	ongoing	ADJ
fbem-26270	220	10	research	research	NOUN
fbem-26270	220	11	into	into	ADP
fbem-26270	220	12	the	the	DET
fbem-26270	220	13	long	long	ADJ
fbem-26270	220	14	-	-	PUNCT
fbem-26270	220	15	term	term	NOUN
fbem-26270	220	16	impacts	impact	NOUN
fbem-26270	220	17	of	of	ADP
fbem-26270	220	18	real	real	ADJ
fbem-26270	220	19	estate	estate	NOUN
fbem-26270	220	20	investment	investment	NOUN
fbem-26270	220	21	on	on	ADP
fbem-26270	220	22	local	local	ADJ
fbem-26270	220	23	government	government	NOUN
fbem-26270	220	24	finances	finance	NOUN
fbem-26270	220	25	.	.	PUNCT
fbem-26270	221	1	future	future	ADJ
fbem-26270	221	2	studies	study	NOUN
fbem-26270	221	3	should	should	AUX
fbem-26270	221	4	explore	explore	VERB
fbem-26270	221	5	the	the	DET
fbem-26270	221	6	mechanisms	mechanism	NOUN
fbem-26270	221	7	through	through	ADP
fbem-26270	221	8	which	which	PRON
fbem-26270	221	9	real	real	ADJ
fbem-26270	221	10	estate	estate	NOUN
fbem-26270	221	11	development	development	NOUN
fbem-26270	221	12	influences	influence	VERB
fbem-26270	221	13	debt	debt	NOUN
fbem-26270	221	14	dynamics	dynamic	NOUN
fbem-26270	221	15	and	and	CCONJ
fbem-26270	221	16	assess	assess	VERB
fbem-26270	221	17	the	the	DET
fbem-26270	221	18	effectiveness	effectiveness	NOUN
fbem-26270	221	19	of	of	ADP
fbem-26270	221	20	various	various	ADJ
fbem-26270	221	21	policy	policy	NOUN
fbem-26270	221	22	interventions	intervention	NOUN
fbem-26270	221	23	.	.	PUNCT
fbem-26270	222	1	understanding	understand	VERB
fbem-26270	222	2	these	these	DET
fbem-26270	222	3	relationships	relationship	NOUN
fbem-26270	222	4	will	will	AUX
fbem-26270	222	5	be	be	AUX
fbem-26270	222	6	crucial	crucial	ADJ
fbem-26270	222	7	for	for	ADP
fbem-26270	222	8	designing	design	VERB
fbem-26270	222	9	strategies	strategy	NOUN
fbem-26270	222	10	that	that	PRON
fbem-26270	222	11	promote	promote	VERB
fbem-26270	222	12	both	both	PRON
fbem-26270	222	13	economic	economic	ADJ
fbem-26270	222	14	growth	growth	NOUN
fbem-26270	222	15	and	and	CCONJ
fbem-26270	222	16	fiscal	fiscal	ADJ
fbem-26270	222	17	health	health	NOUN
fbem-26270	222	18	.	.	PUNCT
fbem-26270	223	1	in	in	ADP
fbem-26270	223	2	summary	summary	NOUN
fbem-26270	223	3	,	,	PUNCT
fbem-26270	223	4	this	this	DET
fbem-26270	223	5	research	research	NOUN
fbem-26270	223	6	contributes	contribute	VERB
fbem-26270	223	7	to	to	ADP
fbem-26270	223	8	the	the	DET
fbem-26270	223	9	growing	grow	VERB
fbem-26270	223	10	body	body	NOUN
fbem-26270	223	11	of	of	ADP
fbem-26270	223	12	literature	literature	NOUN
fbem-26270	223	13	on	on	ADP
fbem-26270	223	14	local	local	ADJ
fbem-26270	223	15	government	government	NOUN
fbem-26270	223	16	finance	finance	NOUN
fbem-26270	223	17	and	and	CCONJ
fbem-26270	223	18	urban	urban	ADJ
fbem-26270	223	19	273	273	NUM
fbem-26270	223	20	development	development	NOUN
fbem-26270	223	21	,	,	PUNCT
fbem-26270	223	22	emphasizing	emphasize	VERB
fbem-26270	223	23	the	the	DET
fbem-26270	223	24	intricate	intricate	ADJ
fbem-26270	223	25	interplay	interplay	NOUN
fbem-26270	223	26	between	between	ADP
fbem-26270	223	27	real	real	ADJ
fbem-26270	223	28	estate	estate	NOUN
fbem-26270	223	29	investment	investment	NOUN
fbem-26270	223	30	and	and	CCONJ
fbem-26270	223	31	debt	debt	NOUN
fbem-26270	223	32	levels	level	NOUN
fbem-26270	223	33	.	.	PUNCT
fbem-26270	224	1	the	the	DET
fbem-26270	224	2	findings	finding	NOUN
fbem-26270	224	3	serve	serve	VERB
fbem-26270	224	4	as	as	ADP
fbem-26270	224	5	a	a	DET
fbem-26270	224	6	reminder	reminder	NOUN
fbem-26270	224	7	of	of	ADP
fbem-26270	224	8	the	the	DET
fbem-26270	224	9	potential	potential	ADJ
fbem-26270	224	10	risks	risk	NOUN
fbem-26270	224	11	associated	associate	VERB
fbem-26270	224	12	with	with	ADP
fbem-26270	224	13	excessive	excessive	ADJ
fbem-26270	224	14	reliance	reliance	NOUN
fbem-26270	224	15	on	on	ADP
fbem-26270	224	16	real	real	ADJ
fbem-26270	224	17	estate	estate	NOUN
fbem-26270	224	18	for	for	ADP
fbem-26270	224	19	economic	economic	ADJ
fbem-26270	224	20	growth	growth	NOUN
fbem-26270	224	21	,	,	PUNCT
fbem-26270	224	22	urging	urge	VERB
fbem-26270	224	23	policymakers	policymaker	NOUN
fbem-26270	224	24	to	to	PART
fbem-26270	224	25	adopt	adopt	VERB
fbem-26270	224	26	a	a	DET
fbem-26270	224	27	balanced	balanced	ADJ
fbem-26270	224	28	approach	approach	NOUN
fbem-26270	224	29	that	that	PRON
fbem-26270	224	30	ensures	ensure	VERB
fbem-26270	224	31	sustainable	sustainable	ADJ
fbem-26270	224	32	development	development	NOUN
fbem-26270	224	33	while	while	SCONJ
fbem-26270	224	34	managing	manage	VERB
fbem-26270	224	35	debt	debt	NOUN
fbem-26270	224	36	responsibly	responsibly	ADV
fbem-26270	224	37	.	.	PUNCT
fbem-26270	225	1	as	as	SCONJ
fbem-26270	225	2	cities	city	NOUN
fbem-26270	225	3	continue	continue	VERB
fbem-26270	225	4	to	to	PART
fbem-26270	225	5	evolve	evolve	VERB
fbem-26270	225	6	,	,	PUNCT
fbem-26270	225	7	the	the	DET
fbem-26270	225	8	lessons	lesson	NOUN
fbem-26270	225	9	drawn	draw	VERB
fbem-26270	225	10	from	from	ADP
fbem-26270	225	11	this	this	DET
fbem-26270	225	12	study	study	NOUN
fbem-26270	225	13	will	will	AUX
fbem-26270	225	14	be	be	AUX
fbem-26270	225	15	essential	essential	ADJ
fbem-26270	225	16	for	for	ADP
fbem-26270	225	17	guiding	guide	VERB
fbem-26270	225	18	future	future	ADJ
fbem-26270	225	19	investment	investment	NOUN
fbem-26270	225	20	strategies	strategy	NOUN
fbem-26270	225	21	and	and	CCONJ
fbem-26270	225	22	fostering	foster	VERB
fbem-26270	225	23	resilient	resilient	ADJ
fbem-26270	225	24	local	local	ADJ
fbem-26270	225	25	economies	economy	NOUN
fbem-26270	225	26	.	.	PUNCT
fbem-26270	226	1	references	reference	NOUN
fbem-26270	226	2	[	[	X
fbem-26270	226	3	1	1	NUM
fbem-26270	226	4	]	]	PUNCT
fbem-26270	226	5	zou	zou	NOUN
fbem-26270	226	6	l	l	PROPN
fbem-26270	226	7	,	,	PUNCT
fbem-26270	226	8	shen	shen	PROPN
fbem-26270	226	9	j	j	PROPN
fbem-26270	226	10	h	h	PROPN
fbem-26270	226	11	,	,	PUNCT
fbem-26270	226	12	zhang	zhang	PROPN
fbem-26270	226	13	j	j	PROPN
fbem-26270	226	14	,	,	PUNCT
fbem-26270	226	15	et	et	PROPN
fbem-26270	226	16	al	al	PROPN
fbem-26270	226	17	.	.	PUNCT
fbem-26270	227	1	what	what	PRON
fbem-26270	227	2	is	be	AUX
fbem-26270	227	3	the	the	DET
fbem-26270	227	4	rationale	rationale	NOUN
fbem-26270	227	5	behind	behind	ADP
fbem-26270	227	6	china	china	PROPN
fbem-26270	227	7	's	's	PART
fbem-26270	227	8	infrastructure	infrastructure	NOUN
fbem-26270	227	9	investment	investment	NOUN
fbem-26270	227	10	under	under	ADP
fbem-26270	227	11	the	the	DET
fbem-26270	227	12	belt	belt	NOUN
fbem-26270	227	13	and	and	CCONJ
fbem-26270	227	14	road	road	NOUN
fbem-26270	227	15	initiative	initiative	NOUN
fbem-26270	227	16	[	[	X
fbem-26270	227	17	j	j	X
fbem-26270	227	18	]	]	X
fbem-26270	227	19	.	.	PUNCT
fbem-26270	228	1	journal	journal	PROPN
fbem-26270	228	2	of	of	ADP
fbem-26270	228	3	economic	economic	ADJ
fbem-26270	228	4	surveys	survey	NOUN
fbem-26270	228	5	,	,	PUNCT
fbem-26270	228	6	2022	2022	NUM
fbem-26270	228	7	,	,	PUNCT
fbem-26270	228	8	36(3	36(3	NUM
fbem-26270	228	9	):	):	PUNCT
fbem-26270	228	10	605633	605633	NUM
fbem-26270	228	11	.	.	PUNCT
fbem-26270	229	1	[	[	X
fbem-26270	229	2	2	2	NUM
fbem-26270	229	3	]	]	PUNCT
fbem-26270	229	4	démurger	démurger	NOUN
fbem-26270	229	5	s.	s.	PROPN
fbem-26270	229	6	infrastructure	infrastructure	PROPN
fbem-26270	229	7	in	in	ADP
fbem-26270	229	8	china	china	PROPN
fbem-26270	229	9	[	[	X
fbem-26270	229	10	m]//the	m]//the	DET
fbem-26270	229	11	oxford	oxford	ADJ
fbem-26270	229	12	companion	companion	NOUN
fbem-26270	229	13	to	to	ADP
fbem-26270	229	14	the	the	DET
fbem-26270	229	15	economics	economic	NOUN
fbem-26270	229	16	of	of	ADP
fbem-26270	229	17	china	china	PROPN
fbem-26270	229	18	.	.	PUNCT
fbem-26270	230	1	oxford	oxford	PROPN
fbem-26270	230	2	university	university	PROPN
fbem-26270	230	3	press	press	PROPN
fbem-26270	230	4	oxford	oxford	NOUN
fbem-26270	230	5	,	,	PUNCT
fbem-26270	230	6	2014	2014	NUM
fbem-26270	230	7	:	:	PUNCT
fbem-26270	231	1	348	348	NUM
fbem-26270	231	2	-	-	SYM
fbem-26270	231	3	352	352	NUM
fbem-26270	231	4	.	.	PUNCT
fbem-26270	232	1	[	[	X
fbem-26270	232	2	3	3	NUM
fbem-26270	232	3	]	]	X
fbem-26270	232	4	xiao	xiao	PROPN
fbem-26270	232	5	h	h	PROPN
fbem-26270	232	6	,	,	PUNCT
fbem-26270	232	7	zheng	zheng	PROPN
fbem-26270	232	8	x	x	PROPN
fbem-26270	232	9	,	,	PUNCT
fbem-26270	232	10	xie	xie	PROPN
fbem-26270	232	11	l.	l.	PROPN
fbem-26270	232	12	promoting	promote	VERB
fbem-26270	232	13	pro	pro	ADJ
fbem-26270	232	14	-	-	ADJ
fbem-26270	232	15	poor	poor	ADJ
fbem-26270	232	16	growth	growth	NOUN
fbem-26270	232	17	through	through	ADP
fbem-26270	232	18	infrastructure	infrastructure	NOUN
fbem-26270	232	19	investment	investment	NOUN
fbem-26270	232	20	:	:	PUNCT
fbem-26270	232	21	evidence	evidence	NOUN
fbem-26270	232	22	from	from	ADP
fbem-26270	232	23	the	the	DET
fbem-26270	232	24	targeted	target	VERB
fbem-26270	232	25	poverty	poverty	NOUN
fbem-26270	232	26	alleviation	alleviation	NOUN
fbem-26270	232	27	program	program	NOUN
fbem-26270	232	28	in	in	ADP
fbem-26270	232	29	china	china	PROPN
fbem-26270	233	1	[	[	X
fbem-26270	233	2	j	j	X
fbem-26270	233	3	]	]	X
fbem-26270	233	4	.	.	PUNCT
fbem-26270	234	1	china	china	PROPN
fbem-26270	234	2	economic	economic	PROPN
fbem-26270	234	3	review	review	PROPN
fbem-26270	234	4	,	,	PUNCT
fbem-26270	234	5	2022	2022	NUM
fbem-26270	234	6	,	,	PUNCT
fbem-26270	234	7	71	71	NUM
fbem-26270	234	8	:	:	SYM
fbem-26270	234	9	101729	101729	NUM
fbem-26270	234	10	.	.	PUNCT
fbem-26270	235	1	[	[	X
fbem-26270	235	2	4	4	X
fbem-26270	235	3	]	]	X
fbem-26270	235	4	liu	liu	PROPN
fbem-26270	235	5	z	z	PROPN
fbem-26270	235	6	,	,	PUNCT
fbem-26270	235	7	schindler	schindler	PROPN
fbem-26270	235	8	s	s	PROPN
fbem-26270	235	9	,	,	PUNCT
fbem-26270	235	10	liu	liu	PROPN
fbem-26270	235	11	w.	w.	PROPN
fbem-26270	235	12	demystifying	demystify	VERB
fbem-26270	235	13	chinese	chinese	ADJ
fbem-26270	235	14	overseas	overseas	ADJ
fbem-26270	235	15	investment	investment	NOUN
fbem-26270	235	16	in	in	ADP
fbem-26270	235	17	infrastructure	infrastructure	NOUN
fbem-26270	235	18	:	:	PUNCT
fbem-26270	235	19	port	port	NOUN
fbem-26270	235	20	development	development	NOUN
fbem-26270	235	21	,	,	PUNCT
fbem-26270	235	22	the	the	DET
fbem-26270	235	23	belt	belt	NOUN
fbem-26270	235	24	and	and	CCONJ
fbem-26270	235	25	road	road	NOUN
fbem-26270	235	26	initiative	initiative	NOUN
fbem-26270	235	27	and	and	CCONJ
fbem-26270	235	28	regional	regional	ADJ
fbem-26270	235	29	development	development	NOUN
fbem-26270	236	1	[	[	X
fbem-26270	236	2	j	j	X
fbem-26270	236	3	]	]	X
fbem-26270	236	4	.	.	PUNCT
fbem-26270	237	1	journal	journal	PROPN
fbem-26270	237	2	of	of	ADP
fbem-26270	237	3	transport	transport	NOUN
fbem-26270	237	4	geography	geography	NOUN
fbem-26270	237	5	,	,	PUNCT
fbem-26270	237	6	2020	2020	NUM
fbem-26270	237	7	,	,	PUNCT
fbem-26270	237	8	87	87	NUM
fbem-26270	237	9	:	:	SYM
fbem-26270	237	10	102812	102812	NUM
fbem-26270	237	11	.	.	PUNCT
fbem-26270	238	1	[	[	X
fbem-26270	238	2	5	5	X
fbem-26270	238	3	]	]	PUNCT
fbem-26270	238	4	saez	saez	PROPN
fbem-26270	238	5	l.	l.	PROPN
fbem-26270	238	6	a	a	DET
fbem-26270	238	7	comparison	comparison	NOUN
fbem-26270	238	8	of	of	ADP
fbem-26270	238	9	india	india	PROPN
fbem-26270	238	10	and	and	CCONJ
fbem-26270	238	11	china	china	PROPN
fbem-26270	238	12	's	's	PART
fbem-26270	238	13	foreign	foreign	ADJ
fbem-26270	238	14	investment	investment	NOUN
fbem-26270	238	15	strategy	strategy	NOUN
fbem-26270	238	16	toward	toward	ADP
fbem-26270	238	17	energy	energy	NOUN
fbem-26270	238	18	infrastructure	infrastructure	NOUN
fbem-26270	239	1	[	[	X
fbem-26270	239	2	j	j	X
fbem-26270	239	3	]	]	X
fbem-26270	239	4	.	.	PUNCT
fbem-26270	240	1	the	the	DET
fbem-26270	240	2	journal	journal	NOUN
fbem-26270	240	3	of	of	ADP
fbem-26270	240	4	developing	develop	VERB
fbem-26270	240	5	areas	area	NOUN
fbem-26270	240	6	,	,	PUNCT
fbem-26270	240	7	1998	1998	NUM
fbem-26270	240	8	,	,	PUNCT
fbem-26270	240	9	32(2	32(2	NUM
fbem-26270	240	10	):	):	PUNCT
fbem-26270	240	11	199	199	NUM
fbem-26270	240	12	-	-	SYM
fbem-26270	240	13	220	220	NUM
fbem-26270	240	14	.	.	PUNCT
fbem-26270	241	1	[	[	X
fbem-26270	241	2	6	6	NUM
fbem-26270	241	3	]	]	SYM
fbem-26270	241	4	li	li	PROPN
fbem-26270	241	5	z.	z.	PROPN
fbem-26270	241	6	infrastructure	infrastructure	PROPN
fbem-26270	241	7	and	and	CCONJ
fbem-26270	241	8	urbanization	urbanization	NOUN
fbem-26270	241	9	in	in	ADP
fbem-26270	241	10	the	the	DET
fbem-26270	241	11	people	people	NOUN
fbem-26270	241	12	's	's	PART
fbem-26270	241	13	republic	republic	NOUN
fbem-26270	241	14	of	of	ADP
fbem-26270	241	15	china	china	PROPN
fbem-26270	242	1	[	[	X
fbem-26270	242	2	j	j	X
fbem-26270	242	3	]	]	X
fbem-26270	242	4	.	.	PROPN
fbem-26270	243	1	2017	2017	NUM
fbem-26270	243	2	.	.	PUNCT
fbem-26270	244	1	[	[	X
fbem-26270	244	2	7	7	X
fbem-26270	244	3	]	]	X
fbem-26270	244	4	ma	ma	PROPN
fbem-26270	244	5	x	x	PROPN
fbem-26270	244	6	,	,	PUNCT
fbem-26270	244	7	zhao	zhao	PROPN
fbem-26270	244	8	k	k	PROPN
fbem-26270	244	9	,	,	PUNCT
fbem-26270	244	10	li	li	PROPN
fbem-26270	244	11	y	y	PROPN
fbem-26270	244	12	,	,	PUNCT
fbem-26270	244	13	et	et	PROPN
fbem-26270	244	14	al	al	PROPN
fbem-26270	244	15	.	.	PUNCT
fbem-26270	244	16	infrastructure	infrastructure	NOUN
fbem-26270	244	17	investment	investment	NOUN
fbem-26270	244	18	and	and	CCONJ
fbem-26270	244	19	sustainable	sustainable	ADJ
fbem-26270	244	20	development	development	NOUN
fbem-26270	244	21	in	in	ADP
fbem-26270	244	22	coastal	coastal	ADJ
fbem-26270	244	23	areas	area	NOUN
fbem-26270	244	24	in	in	ADP
fbem-26270	244	25	china	china	PROPN
fbem-26270	244	26	[	[	X
fbem-26270	244	27	j	j	X
fbem-26270	244	28	]	]	X
fbem-26270	244	29	.	.	PUNCT
fbem-26270	245	1	journal	journal	PROPN
fbem-26270	245	2	of	of	ADP
fbem-26270	245	3	coastal	coastal	ADJ
fbem-26270	245	4	research	research	NOUN
fbem-26270	245	5	,	,	PUNCT
fbem-26270	245	6	2019	2019	NUM
fbem-26270	245	7	,	,	PUNCT
fbem-26270	245	8	94(si	94(si	NUM
fbem-26270	245	9	):	):	PUNCT
fbem-26270	245	10	67	67	NUM
fbem-26270	245	11	-	-	SYM
fbem-26270	245	12	72	72	NUM
fbem-26270	245	13	.	.	PUNCT
fbem-26270	246	1	[	[	X
fbem-26270	246	2	8	8	NUM
fbem-26270	246	3	]	]	PUNCT
fbem-26270	246	4	corkin	corkin	PROPN
fbem-26270	246	5	l	l	PROPN
fbem-26270	246	6	,	,	PUNCT
fbem-26270	246	7	burke	burke	PROPN
fbem-26270	246	8	c	c	PROPN
fbem-26270	246	9	,	,	PUNCT
fbem-26270	246	10	davies	davies	PROPN
fbem-26270	246	11	m.	m.	PROPN
fbem-26270	246	12	china	china	PROPN
fbem-26270	246	13	’s	’s	PART
fbem-26270	246	14	role	role	NOUN
fbem-26270	246	15	in	in	ADP
fbem-26270	246	16	the	the	DET
fbem-26270	246	17	development	development	NOUN
fbem-26270	246	18	of	of	ADP
fbem-26270	246	19	africa	africa	PROPN
fbem-26270	246	20	’s	’s	PART
fbem-26270	246	21	infrastructure	infrastructure	NOUN
fbem-26270	247	1	[	[	X
fbem-26270	247	2	j	j	X
fbem-26270	247	3	]	]	X
fbem-26270	247	4	.	.	PUNCT
fbem-26270	248	1	documents	document	NOUN
fbem-26270	248	2	de	de	X
fbem-26270	248	3	travail	travail	X
fbem-26270	248	4	du	du	PROPN
fbem-26270	248	5	sais	sais	X
fbem-26270	248	6	dans	dans	PROPN
fbem-26270	248	7	african	african	ADJ
fbem-26270	248	8	studies	study	NOUN
fbem-26270	248	9	,	,	PUNCT
fbem-26270	248	10	2008	2008	NUM
fbem-26270	248	11	(	(	PUNCT
fbem-26270	248	12	04	04	NUM
fbem-26270	248	13	-	-	SYM
fbem-26270	248	14	08	08	NUM
fbem-26270	248	15	)	)	PUNCT
fbem-26270	248	16	.	.	PUNCT
fbem-26270	249	1	[	[	X
fbem-26270	249	2	9	9	NUM
fbem-26270	249	3	]	]	PUNCT
fbem-26270	249	4	siddiqui	siddiqui	NOUN
fbem-26270	249	5	k.	k.	PROPN
fbem-26270	249	6	one	one	NUM
fbem-26270	249	7	belt	belt	NOUN
fbem-26270	249	8	and	and	CCONJ
fbem-26270	249	9	one	one	NUM
fbem-26270	249	10	road	road	NOUN
fbem-26270	249	11	,	,	PUNCT
fbem-26270	249	12	china	china	PROPN
fbem-26270	249	13	’s	’s	PART
fbem-26270	249	14	massive	massive	ADJ
fbem-26270	249	15	infrastructure	infrastructure	NOUN
fbem-26270	249	16	project	project	NOUN
fbem-26270	249	17	to	to	PART
fbem-26270	249	18	boost	boost	VERB
fbem-26270	249	19	trade	trade	NOUN
fbem-26270	249	20	and	and	CCONJ
fbem-26270	249	21	economy	economy	NOUN
fbem-26270	249	22	:	:	PUNCT
fbem-26270	249	23	an	an	DET
fbem-26270	249	24	overview	overview	NOUN
fbem-26270	249	25	[	[	X
fbem-26270	249	26	j	j	X
fbem-26270	249	27	]	]	X
fbem-26270	249	28	.	.	PUNCT
fbem-26270	250	1	international	international	ADJ
fbem-26270	250	2	critical	critical	ADJ
fbem-26270	250	3	thought	thought	NOUN
fbem-26270	250	4	,	,	PUNCT
fbem-26270	250	5	2019	2019	NUM
fbem-26270	250	6	,	,	PUNCT
fbem-26270	250	7	9(2	9(2	NUM
fbem-26270	250	8	):	):	PUNCT
fbem-26270	250	9	214	214	NUM
fbem-26270	250	10	-	-	SYM
fbem-26270	250	11	235	235	NUM
fbem-26270	250	12	.	.	PUNCT
fbem-26270	251	1	[	[	X
fbem-26270	251	2	10	10	NUM
fbem-26270	251	3	]	]	X
fbem-26270	251	4	lam	lam	PROPN
fbem-26270	251	5	r	r	PROPN
fbem-26270	251	6	w	w	PROPN
fbem-26270	251	7	,	,	PUNCT
fbem-26270	251	8	rodlauer	rodlauer	ADJ
fbem-26270	251	9	m	m	PROPN
fbem-26270	251	10	,	,	PUNCT
fbem-26270	251	11	schipke	schipke	PROPN
fbem-26270	251	12	a.	a.	PROPN
fbem-26270	251	13	china	china	PROPN
fbem-26270	251	14	’s	’s	PART
fbem-26270	251	15	economic	economic	ADJ
fbem-26270	251	16	success	success	NOUN
fbem-26270	251	17	and	and	CCONJ
fbem-26270	251	18	reforms	reform	NOUN
fbem-26270	251	19	:	:	PUNCT
fbem-26270	251	20	investing	invest	VERB
fbem-26270	251	21	in	in	ADP
fbem-26270	251	22	soft	soft	ADJ
fbem-26270	251	23	infrastructure	infrastructure	NOUN
fbem-26270	251	24	[	[	X
fbem-26270	251	25	j	j	X
fbem-26270	251	26	]	]	X
fbem-26270	251	27	.	.	PUNCT
fbem-26270	252	1	modernizing	modernize	VERB
fbem-26270	252	2	china	china	PROPN
fbem-26270	252	3	–	–	PUNCT
fbem-26270	252	4	investing	invest	VERB
fbem-26270	252	5	in	in	ADP
fbem-26270	252	6	soft	soft	ADJ
fbem-26270	252	7	infrastructure	infrastructure	NOUN
fbem-26270	252	8	,	,	PUNCT
fbem-26270	252	9	2017	2017	NUM
fbem-26270	252	10	:	:	SYM
fbem-26270	252	11	1	1	NUM
fbem-26270	252	12	-	-	SYM
fbem-26270	252	13	31	31	NUM
fbem-26270	252	14	.	.	PUNCT
fbem-26270	253	1	[	[	X
fbem-26270	253	2	11	11	NUM
fbem-26270	253	3	]	]	X
fbem-26270	253	4	ke	ke	NOUN
fbem-26270	253	5	x	x	PROPN
fbem-26270	253	6	,	,	PUNCT
fbem-26270	253	7	lin	lin	PROPN
fbem-26270	253	8	j	j	PROPN
fbem-26270	253	9	y	y	PROPN
fbem-26270	253	10	,	,	PUNCT
fbem-26270	253	11	fu	fu	PROPN
fbem-26270	253	12	c	c	NOUN
fbem-26270	253	13	,	,	PUNCT
fbem-26270	253	14	et	et	PROPN
fbem-26270	253	15	al	al	PROPN
fbem-26270	253	16	.	.	PROPN
fbem-26270	253	17	transport	transport	PROPN
fbem-26270	253	18	infrastructure	infrastructure	NOUN
fbem-26270	253	19	development	development	NOUN
fbem-26270	253	20	and	and	CCONJ
fbem-26270	253	21	economic	economic	ADJ
fbem-26270	253	22	growth	growth	NOUN
fbem-26270	253	23	in	in	ADP
fbem-26270	253	24	china	china	PROPN
fbem-26270	253	25	:	:	PUNCT
fbem-26270	253	26	recent	recent	ADJ
fbem-26270	253	27	evidence	evidence	NOUN
fbem-26270	253	28	from	from	ADP
fbem-26270	253	29	dynamic	dynamic	ADJ
fbem-26270	253	30	panel	panel	NOUN
fbem-26270	253	31	system	system	NOUN
fbem-26270	253	32	-	-	PUNCT
fbem-26270	253	33	gmm	gmm	NOUN
fbem-26270	253	34	analysis	analysis	NOUN
fbem-26270	254	1	[	[	X
fbem-26270	254	2	j	j	X
fbem-26270	254	3	]	]	X
fbem-26270	254	4	.	.	PUNCT
fbem-26270	255	1	sustainability	sustainability	NOUN
fbem-26270	255	2	,	,	PUNCT
fbem-26270	255	3	2020	2020	NUM
fbem-26270	255	4	,	,	PUNCT
fbem-26270	255	5	12(14	12(14	NUM
fbem-26270	255	6	):	):	PUNCT
fbem-26270	255	7	5618	5618	NUM
fbem-26270	255	8	.	.	PUNCT
fbem-26270	256	1	[	[	X
fbem-26270	256	2	12	12	NUM
fbem-26270	256	3	]	]	PUNCT
fbem-26270	256	4	egor	egor	PROPN
fbem-26270	256	5	k.	k.	PROPN
fbem-26270	256	6	financing	financing	NOUN
fbem-26270	256	7	of	of	ADP
fbem-26270	256	8	large	large	ADJ
fbem-26270	256	9	infrastructure	infrastructure	NOUN
fbem-26270	256	10	projects	project	NOUN
fbem-26270	256	11	:	:	PUNCT
fbem-26270	256	12	chinese	chinese	ADJ
fbem-26270	256	13	experience	experience	NOUN
fbem-26270	256	14	and	and	CCONJ
fbem-26270	256	15	russian	russian	ADJ
fbem-26270	256	16	practice	practice	NOUN
fbem-26270	257	1	[	[	X
fbem-26270	257	2	j	j	X
fbem-26270	257	3	]	]	X
fbem-26270	257	4	.	.	PUNCT
fbem-26270	258	1	review	review	NOUN
fbem-26270	258	2	of	of	ADP
fbem-26270	258	3	business	business	NOUN
fbem-26270	258	4	and	and	CCONJ
fbem-26270	258	5	economics	economic	NOUN
fbem-26270	258	6	studies	study	NOUN
fbem-26270	258	7	,	,	PUNCT
fbem-26270	258	8	2022	2022	NUM
fbem-26270	258	9	,	,	PUNCT
fbem-26270	258	10	10(2	10(2	NUM
fbem-26270	258	11	):	):	PUNCT
fbem-26270	258	12	56	56	NUM
fbem-26270	258	13	-	-	SYM
fbem-26270	258	14	90	90	NUM
fbem-26270	258	15	.	.	PUNCT
fbem-26270	259	1	[	[	X
fbem-26270	259	2	13	13	NUM
fbem-26270	259	3	]	]	PUNCT
fbem-26270	259	4	shen	shen	NOUN
fbem-26270	260	1	l	l	PROPN
fbem-26270	260	2	,	,	PUNCT
fbem-26270	260	3	lu	lu	PROPN
fbem-26270	260	4	w	w	PROPN
fbem-26270	260	5	,	,	PUNCT
fbem-26270	260	6	peng	peng	PROPN
fbem-26270	260	7	y	y	PROPN
fbem-26270	260	8	,	,	PUNCT
fbem-26270	260	9	et	et	PROPN
fbem-26270	260	10	al	al	PROPN
fbem-26270	260	11	.	.	PROPN
fbem-26270	261	1	critical	critical	ADJ
fbem-26270	261	2	assessment	assessment	NOUN
fbem-26270	261	3	indicators	indicator	NOUN
fbem-26270	261	4	for	for	ADP
fbem-26270	261	5	measuring	measure	VERB
fbem-26270	261	6	benefits	benefit	NOUN
fbem-26270	261	7	of	of	ADP
fbem-26270	261	8	rural	rural	ADJ
fbem-26270	261	9	infrastructure	infrastructure	NOUN
fbem-26270	261	10	investment	investment	NOUN
fbem-26270	261	11	in	in	ADP
fbem-26270	261	12	china	china	PROPN
fbem-26270	262	1	[	[	X
fbem-26270	262	2	j	j	X
fbem-26270	262	3	]	]	X
fbem-26270	262	4	.	.	PUNCT
fbem-26270	263	1	journal	journal	PROPN
fbem-26270	263	2	of	of	ADP
fbem-26270	263	3	infrastructure	infrastructure	NOUN
fbem-26270	263	4	systems	system	NOUN
fbem-26270	263	5	,	,	PUNCT
fbem-26270	263	6	2011	2011	NUM
fbem-26270	263	7	,	,	PUNCT
fbem-26270	263	8	17(4	17(4	NUM
fbem-26270	263	9	):	):	PUNCT
fbem-26270	263	10	176	176	NUM
fbem-26270	263	11	-	-	SYM
fbem-26270	263	12	183	183	NUM
fbem-26270	263	13	.	.	PUNCT
fbem-26270	264	1	[	[	X
fbem-26270	264	2	14	14	NUM
fbem-26270	264	3	]	]	X
fbem-26270	264	4	li	li	PROPN
fbem-26270	264	5	c	c	PROPN
fbem-26270	264	6	,	,	PUNCT
fbem-26270	264	7	song	song	PROPN
fbem-26270	264	8	y	y	PROPN
fbem-26270	264	9	,	,	PUNCT
fbem-26270	264	10	chen	chen	PROPN
fbem-26270	264	11	y.	y.	PROPN
fbem-26270	264	12	infrastructure	infrastructure	PROPN
fbem-26270	264	13	development	development	NOUN
fbem-26270	264	14	and	and	CCONJ
fbem-26270	264	15	urbanization	urbanization	NOUN
fbem-26270	264	16	in	in	ADP
fbem-26270	264	17	china	china	PROPN
fbem-26270	265	1	[	[	X
fbem-26270	265	2	j	j	X
fbem-26270	265	3	]	]	X
fbem-26270	265	4	.	.	PUNCT
fbem-26270	266	1	china	china	PROPN
fbem-26270	266	2	’s	’s	PART
fbem-26270	266	3	urbanization	urbanization	PROPN
fbem-26270	266	4	and	and	CCONJ
fbem-26270	266	5	socioeconomic	socioeconomic	ADJ
fbem-26270	266	6	impact	impact	NOUN
fbem-26270	266	7	,	,	PUNCT
fbem-26270	266	8	2017	2017	NUM
fbem-26270	266	9	:	:	SYM
fbem-26270	266	10	91	91	NUM
fbem-26270	266	11	-	-	SYM
fbem-26270	266	12	107	107	NUM
fbem-26270	266	13	.	.	PUNCT
fbem-26270	267	1	[	[	X
fbem-26270	267	2	15	15	NUM
fbem-26270	267	3	]	]	X
fbem-26270	267	4	kaya	kaya	PROPN
fbem-26270	267	5	a	a	PROPN
fbem-26270	267	6	,	,	PUNCT
fbem-26270	267	7	kilby	kilby	PROPN
fbem-26270	267	8	c	c	PROPN
fbem-26270	267	9	,	,	PUNCT
fbem-26270	267	10	kay	kay	PROPN
fbem-26270	267	11	j.	j.	PROPN
fbem-26270	267	12	asian	asian	PROPN
fbem-26270	267	13	infrastructure	infrastructure	PROPN
fbem-26270	267	14	investment	investment	PROPN
fbem-26270	267	15	bank	bank	NOUN
fbem-26270	267	16	as	as	ADP
fbem-26270	267	17	an	an	DET
fbem-26270	267	18	instrument	instrument	NOUN
fbem-26270	267	19	for	for	ADP
fbem-26270	267	20	chinese	chinese	ADJ
fbem-26270	267	21	influence	influence	NOUN
fbem-26270	267	22	?	?	PUNCT
fbem-26270	268	1	supplementary	supplementary	ADJ
fbem-26270	268	2	versus	versus	ADP
fbem-26270	268	3	remedial	remedial	ADJ
fbem-26270	268	4	multilateralism	multilateralism	NOUN
fbem-26270	269	1	[	[	X
fbem-26270	269	2	j	j	X
fbem-26270	269	3	]	]	X
fbem-26270	269	4	.	.	PUNCT
fbem-26270	270	1	world	world	PROPN
fbem-26270	270	2	development	development	PROPN
fbem-26270	270	3	,	,	PUNCT
fbem-26270	270	4	2021	2021	NUM
fbem-26270	270	5	,	,	PUNCT
fbem-26270	270	6	145	145	NUM
fbem-26270	270	7	:	:	SYM
fbem-26270	270	8	105531	105531	NUM
fbem-26270	270	9	.	.	PUNCT
fbem-26270	271	1	[	[	X
fbem-26270	271	2	16	16	NUM
fbem-26270	271	3	]	]	X
fbem-26270	271	4	magazzino	magazzino	PROPN
fbem-26270	271	5	c	c	PROPN
fbem-26270	271	6	,	,	PUNCT
fbem-26270	271	7	mele	mele	PROPN
fbem-26270	271	8	m.	m.	NOUN
fbem-26270	271	9	on	on	ADP
fbem-26270	271	10	the	the	DET
fbem-26270	271	11	relationship	relationship	NOUN
fbem-26270	271	12	between	between	ADP
fbem-26270	271	13	transportation	transportation	NOUN
fbem-26270	271	14	infrastructure	infrastructure	NOUN
fbem-26270	271	15	and	and	CCONJ
fbem-26270	271	16	economic	economic	ADJ
fbem-26270	271	17	development	development	NOUN
fbem-26270	271	18	in	in	ADP
fbem-26270	271	19	china	china	PROPN
fbem-26270	272	1	[	[	X
fbem-26270	272	2	j	j	X
fbem-26270	272	3	]	]	X
fbem-26270	272	4	.	.	PUNCT
fbem-26270	273	1	research	research	NOUN
fbem-26270	273	2	in	in	ADP
fbem-26270	273	3	transportation	transportation	NOUN
fbem-26270	273	4	economics	economic	NOUN
fbem-26270	273	5	,	,	PUNCT
fbem-26270	273	6	2021	2021	NUM
fbem-26270	273	7	,	,	PUNCT
fbem-26270	273	8	88	88	NUM
fbem-26270	273	9	:	:	SYM
fbem-26270	273	10	100947	100947	NUM
fbem-26270	273	11	.	.	PUNCT
fbem-26270	274	1	[	[	X
fbem-26270	274	2	17	17	NUM
fbem-26270	274	3	]	]	X
fbem-26270	274	4	zhao	zhao	PROPN
fbem-26270	274	5	t	t	PROPN
fbem-26270	274	6	,	,	PUNCT
fbem-26270	274	7	xiao	xiao	PROPN
fbem-26270	274	8	x	x	PROPN
fbem-26270	274	9	,	,	PUNCT
fbem-26270	274	10	dai	dai	PROPN
fbem-26270	274	11	q.	q.	PROPN
fbem-26270	274	12	transportation	transportation	PROPN
fbem-26270	274	13	infrastructure	infrastructure	NOUN
fbem-26270	274	14	construction	construction	NOUN
fbem-26270	274	15	and	and	CCONJ
fbem-26270	274	16	high	high	ADJ
fbem-26270	274	17	-	-	PUNCT
fbem-26270	274	18	quality	quality	NOUN
fbem-26270	274	19	development	development	NOUN
fbem-26270	274	20	of	of	ADP
fbem-26270	274	21	enterprises	enterprise	NOUN
fbem-26270	274	22	:	:	PUNCT
fbem-26270	274	23	evidence	evidence	NOUN
fbem-26270	274	24	from	from	ADP
fbem-26270	274	25	the	the	DET
fbem-26270	274	26	quasi	quasi	ADJ
fbem-26270	274	27	-	-	ADJ
fbem-26270	274	28	natural	natural	ADJ
fbem-26270	274	29	experiment	experiment	NOUN
fbem-26270	274	30	of	of	ADP
fbem-26270	274	31	high	high	ADJ
fbem-26270	274	32	-	-	PUNCT
fbem-26270	274	33	speed	speed	NOUN
fbem-26270	274	34	railway	railway	NOUN
fbem-26270	274	35	opening	opening	NOUN
fbem-26270	274	36	in	in	ADP
fbem-26270	274	37	china	china	PROPN
fbem-26270	275	1	[	[	X
fbem-26270	275	2	j	j	X
fbem-26270	275	3	]	]	X
fbem-26270	275	4	.	.	PUNCT
fbem-26270	276	1	sustainability	sustainability	NOUN
fbem-26270	276	2	,	,	PUNCT
fbem-26270	276	3	2021	2021	NUM
fbem-26270	276	4	,	,	PUNCT
fbem-26270	276	5	13(23	13(23	NOUN
fbem-26270	276	6	):	):	PUNCT
fbem-26270	276	7	13316	13316	NUM
fbem-26270	276	8	.	.	PUNCT
fbem-26270	277	1	[	[	X
fbem-26270	277	2	18	18	NUM
fbem-26270	277	3	]	]	X
fbem-26270	277	4	ahmad	ahmad	PROPN
fbem-26270	277	5	e.	e.	PROPN
fbem-26270	277	6	multilevel	multilevel	PROPN
fbem-26270	277	7	financing	financing	NOUN
fbem-26270	277	8	of	of	ADP
fbem-26270	277	9	sustainable	sustainable	ADJ
fbem-26270	277	10	infrastructure	infrastructure	NOUN
fbem-26270	277	11	in	in	ADP
fbem-26270	277	12	china	china	PROPN
fbem-26270	277	13	—	—	PUNCT
fbem-26270	277	14	policy	policy	NOUN
fbem-26270	277	15	options	option	NOUN
fbem-26270	277	16	for	for	ADP
fbem-26270	277	17	inclusive	inclusive	ADJ
fbem-26270	277	18	,	,	PUNCT
fbem-26270	277	19	resilient	resilient	ADJ
fbem-26270	277	20	and	and	CCONJ
fbem-26270	277	21	green	green	ADJ
fbem-26270	277	22	growth	growth	NOUN
fbem-26270	278	1	[	[	X
fbem-26270	278	2	j	j	X
fbem-26270	278	3	]	]	X
fbem-26270	278	4	.	.	PUNCT
fbem-26270	279	1	journal	journal	PROPN
fbem-26270	279	2	of	of	ADP
fbem-26270	279	3	infrastructure	infrastructure	NOUN
fbem-26270	279	4	,	,	PUNCT
fbem-26270	279	5	policy	policy	NOUN
fbem-26270	279	6	and	and	CCONJ
fbem-26270	279	7	development	development	NOUN
fbem-26270	279	8	,	,	PUNCT
fbem-26270	279	9	2021	2021	NUM
fbem-26270	279	10	,	,	PUNCT
fbem-26270	279	11	5(1	5(1	NUM
fbem-26270	279	12	)	)	PUNCT
fbem-26270	279	13	.	.	PUNCT
fbem-26270	280	1	[	[	X
fbem-26270	280	2	19	19	NUM
fbem-26270	280	3	]	]	X
fbem-26270	280	4	banerjee	banerjee	PROPN
fbem-26270	280	5	a	a	X
fbem-26270	280	6	,	,	PUNCT
fbem-26270	280	7	duflo	duflo	ADJ
fbem-26270	280	8	e	e	NOUN
fbem-26270	280	9	,	,	PUNCT
fbem-26270	280	10	qian	qian	PROPN
fbem-26270	280	11	n.	n.	PROPN
fbem-26270	280	12	on	on	ADP
fbem-26270	280	13	the	the	DET
fbem-26270	280	14	road	road	NOUN
fbem-26270	280	15	:	:	PUNCT
fbem-26270	280	16	access	access	NOUN
fbem-26270	280	17	to	to	ADP
fbem-26270	280	18	transportation	transportation	NOUN
fbem-26270	280	19	infrastructure	infrastructure	NOUN
fbem-26270	280	20	and	and	CCONJ
fbem-26270	280	21	economic	economic	ADJ
fbem-26270	280	22	growth	growth	NOUN
fbem-26270	280	23	in	in	ADP
fbem-26270	280	24	china	china	PROPN
fbem-26270	281	1	[	[	X
fbem-26270	281	2	j	j	X
fbem-26270	281	3	]	]	X
fbem-26270	281	4	.	.	PUNCT
fbem-26270	282	1	journal	journal	PROPN
fbem-26270	282	2	of	of	ADP
fbem-26270	282	3	development	development	NOUN
fbem-26270	282	4	economics	economic	NOUN
fbem-26270	282	5	,	,	PUNCT
fbem-26270	282	6	2020	2020	NUM
fbem-26270	282	7	,	,	PUNCT
fbem-26270	282	8	145	145	NUM
fbem-26270	282	9	:	:	SYM
fbem-26270	282	10	102442	102442	NUM
fbem-26270	282	11	.	.	PUNCT
fbem-26270	283	1	[	[	X
fbem-26270	283	2	20	20	NUM
fbem-26270	283	3	]	]	X
fbem-26270	283	4	wei	wei	PROPN
fbem-26270	283	5	w	w	PROPN
fbem-26270	283	6	,	,	PUNCT
fbem-26270	283	7	wu	wu	PROPN
fbem-26270	283	8	x	x	PROPN
fbem-26270	283	9	,	,	PUNCT
fbem-26270	283	10	wu	wu	PROPN
fbem-26270	283	11	x	x	PROPN
fbem-26270	283	12	,	,	PUNCT
fbem-26270	283	13	et	et	PROPN
fbem-26270	283	14	al	al	PROPN
fbem-26270	283	15	.	.	PUNCT
fbem-26270	283	16	regional	regional	ADJ
fbem-26270	283	17	study	study	NOUN
fbem-26270	283	18	on	on	ADP
fbem-26270	283	19	investment	investment	NOUN
fbem-26270	283	20	for	for	ADP
fbem-26270	283	21	transmission	transmission	NOUN
fbem-26270	283	22	infrastructure	infrastructure	NOUN
fbem-26270	283	23	in	in	ADP
fbem-26270	283	24	china	china	PROPN
fbem-26270	283	25	based	base	VERB
fbem-26270	283	26	on	on	ADP
fbem-26270	283	27	the	the	DET
fbem-26270	283	28	state	state	NOUN
fbem-26270	283	29	grid	grid	NOUN
fbem-26270	283	30	data	datum	NOUN
fbem-26270	284	1	[	[	X
fbem-26270	284	2	j	j	X
fbem-26270	284	3	]	]	X
fbem-26270	284	4	.	.	PUNCT
fbem-26270	285	1	frontiers	frontier	NOUN
fbem-26270	285	2	of	of	ADP
fbem-26270	285	3	earth	earth	NOUN
fbem-26270	285	4	science	science	NOUN
fbem-26270	285	5	,	,	PUNCT
fbem-26270	285	6	2017	2017	NUM
fbem-26270	285	7	,	,	PUNCT
fbem-26270	285	8	11	11	NUM
fbem-26270	285	9	:	:	SYM
fbem-26270	285	10	162	162	NUM
fbem-26270	285	11	-	-	SYM
fbem-26270	285	12	183	183	NUM
fbem-26270	285	13	.	.	PUNCT
fbem-26270	286	1	[	[	X
fbem-26270	286	2	21	21	NUM
fbem-26270	286	3	]	]	PUNCT
fbem-26270	286	4	huaxia	huaxia	NOUN
fbem-26270	286	5	l	l	NOUN
fbem-26270	286	6	a	a	X
fbem-26270	286	7	i	i	PROPN
fbem-26270	286	8	,	,	PUNCT
fbem-26270	286	9	lentner	lentner	NOUN
fbem-26270	286	10	g	g	PROPN
fbem-26270	286	11	m.	m.	NOUN
fbem-26270	286	12	paving	pave	VERB
fbem-26270	286	13	the	the	DET
fbem-26270	286	14	silk	silk	NOUN
fbem-26270	286	15	road	road	NOUN
fbem-26270	286	16	bit	bit	NOUN
fbem-26270	286	17	by	by	ADP
fbem-26270	286	18	bit	bit	NOUN
fbem-26270	286	19	:	:	PUNCT
fbem-26270	286	20	an	an	DET
fbem-26270	286	21	analysis	analysis	NOUN
fbem-26270	286	22	of	of	ADP
fbem-26270	286	23	investment	investment	NOUN
fbem-26270	286	24	protection	protection	NOUN
fbem-26270	286	25	for	for	ADP
fbem-26270	286	26	chinese	chinese	ADJ
fbem-26270	286	27	infrastructure	infrastructure	NOUN
fbem-26270	286	28	/	/	SYM
fbem-26270	286	29	projects	project	NOUN
fbem-26270	286	30	under	under	ADP
fbem-26270	286	31	the	the	DET
fbem-26270	286	32	belt	belt	NOUN
fbem-26270	286	33	&	&	CCONJ
fbem-26270	286	34	road	road	PROPN
fbem-26270	286	35	initiative	initiative	NOUN
fbem-26270	286	36	[	[	X
fbem-26270	286	37	m]//the	m]//the	ADP
fbem-26270	286	38	belt	belt	NOUN
fbem-26270	286	39	and	and	CCONJ
fbem-26270	286	40	road	road	NOUN
fbem-26270	286	41	initiative	initiative	NOUN
fbem-26270	286	42	.	.	PUNCT
fbem-26270	287	1	brill	brill	PROPN
fbem-26270	287	2	nijhoff	nijhoff	PROPN
fbem-26270	287	3	,	,	PUNCT
fbem-26270	287	4	2018	2018	NUM
fbem-26270	287	5	:	:	PUNCT
fbem-26270	288	1	250	250	NUM
fbem-26270	288	2	-	-	SYM
fbem-26270	288	3	283	283	NUM
fbem-26270	288	4	.	.	PUNCT
fbem-26270	289	1	[	[	X
fbem-26270	289	2	22	22	NUM
fbem-26270	289	3	]	]	X
fbem-26270	289	4	wu	wu	PROPN
fbem-26270	289	5	y	y	PROPN
fbem-26270	289	6	,	,	PUNCT
fbem-26270	289	7	li	li	PROPN
fbem-26270	289	8	x	x	PROPN
fbem-26270	289	9	,	,	PUNCT
fbem-26270	289	10	lin	lin	PROPN
fbem-26270	289	11	g	g	PROPN
fbem-26270	289	12	c	c	PROPN
fbem-26270	289	13	s.	s.	PROPN
fbem-26270	289	14	reproducing	reproduce	VERB
fbem-26270	289	15	the	the	DET
fbem-26270	289	16	city	city	NOUN
fbem-26270	289	17	of	of	ADP
fbem-26270	289	18	the	the	DET
fbem-26270	289	19	spectacle	spectacle	NOUN
fbem-26270	289	20	:	:	PUNCT
fbem-26270	289	21	mega	mega	ADJ
fbem-26270	289	22	-	-	NOUN
fbem-26270	289	23	events	event	NOUN
fbem-26270	289	24	,	,	PUNCT
fbem-26270	289	25	local	local	ADJ
fbem-26270	289	26	debts	debt	NOUN
fbem-26270	289	27	,	,	PUNCT
fbem-26270	289	28	and	and	CCONJ
fbem-26270	289	29	infrastructure	infrastructure	NOUN
fbem-26270	289	30	-	-	PUNCT
fbem-26270	289	31	led	lead	VERB
fbem-26270	289	32	urbanization	urbanization	NOUN
fbem-26270	289	33	in	in	ADP
fbem-26270	289	34	china	china	PROPN
fbem-26270	290	1	[	[	X
fbem-26270	290	2	j	j	X
fbem-26270	290	3	]	]	X
fbem-26270	290	4	.	.	PUNCT
fbem-26270	291	1	cities	city	NOUN
fbem-26270	291	2	,	,	PUNCT
fbem-26270	291	3	2016	2016	NUM
fbem-26270	291	4	,	,	PUNCT
fbem-26270	291	5	53	53	NUM
fbem-26270	291	6	:	:	PUNCT
fbem-26270	291	7	51	51	NUM
fbem-26270	291	8	-	-	SYM
fbem-26270	291	9	60	60	NUM
fbem-26270	291	10	.	.	PUNCT
fbem-26270	292	1	[	[	X
fbem-26270	292	2	23	23	NUM
fbem-26270	292	3	]	]	PUNCT
fbem-26270	292	4	alves	alve	VERB
fbem-26270	292	5	a	a	DET
fbem-26270	292	6	c.	c.	PROPN
fbem-26270	292	7	china	china	PROPN
fbem-26270	292	8	's	's	PART
fbem-26270	292	9	‘	'	PUNCT
fbem-26270	292	10	win	win	NOUN
fbem-26270	292	11	-	-	PUNCT
fbem-26270	292	12	win’cooperation	win’cooperation	NOUN
fbem-26270	292	13	:	:	PUNCT
fbem-26270	292	14	unpacking	unpack	VERB
fbem-26270	292	15	the	the	DET
fbem-26270	292	16	impact	impact	NOUN
fbem-26270	292	17	of	of	ADP
fbem-26270	292	18	infrastructure	infrastructure	NOUN
fbem-26270	292	19	-	-	PUNCT
fbem-26270	292	20	for	for	ADP
fbem-26270	292	21	-	-	PUNCT
fbem-26270	292	22	resources	resource	NOUN
fbem-26270	292	23	deals	deal	NOUN
fbem-26270	292	24	in	in	ADP
fbem-26270	292	25	africa	africa	PROPN
fbem-26270	293	1	[	[	X
fbem-26270	293	2	j	j	X
fbem-26270	293	3	]	]	X
fbem-26270	293	4	.	.	PUNCT
fbem-26270	294	1	south	south	ADJ
fbem-26270	294	2	african	african	ADJ
fbem-26270	294	3	journal	journal	PROPN
fbem-26270	294	4	of	of	ADP
fbem-26270	294	5	international	international	PROPN
fbem-26270	294	6	affairs	affair	NOUN
fbem-26270	294	7	,	,	PUNCT
fbem-26270	294	8	2013	2013	NUM
fbem-26270	294	9	,	,	PUNCT
fbem-26270	294	10	20(2	20(2	NUM
fbem-26270	294	11	):	):	PUNCT
fbem-26270	294	12	207	207	NUM
fbem-26270	294	13	-	-	SYM
fbem-26270	294	14	226	226	NUM
fbem-26270	294	15	.	.	PUNCT
fbem-26270	295	1	[	[	X
fbem-26270	295	2	24	24	NUM
fbem-26270	295	3	]	]	PUNCT
fbem-26270	295	4	trichur	trichur	NOUN
fbem-26270	295	5	g	g	PROPN
fbem-26270	295	6	k.	k.	PROPN
fbem-26270	295	7	east	east	PROPN
fbem-26270	295	8	asian	asian	PROPN
fbem-26270	295	9	developmental	developmental	ADJ
fbem-26270	295	10	path	path	NOUN
fbem-26270	295	11	and	and	CCONJ
fbem-26270	295	12	land	land	NOUN
fbem-26270	295	13	-	-	PUNCT
fbem-26270	295	14	use	use	NOUN
fbem-26270	295	15	rights	right	NOUN
fbem-26270	295	16	in	in	ADP
fbem-26270	295	17	china	china	PROPN
fbem-26270	296	1	[	[	X
fbem-26270	296	2	j	j	X
fbem-26270	296	3	]	]	X
fbem-26270	296	4	.	.	PUNCT
fbem-26270	297	1	journal	journal	PROPN
fbem-26270	297	2	of	of	ADP
fbem-26270	297	3	world	world	NOUN
fbem-26270	297	4	-	-	PUNCT
fbem-26270	297	5	systems	system	NOUN
fbem-26270	297	6	research	research	NOUN
fbem-26270	297	7	,	,	PUNCT
fbem-26270	297	8	2012	2012	NUM
fbem-26270	297	9	:	:	PUNCT
fbem-26270	297	10	69	69	NUM
fbem-26270	297	11	-	-	SYM
fbem-26270	297	12	89	89	NUM
fbem-26270	297	13	.	.	PUNCT
fbem-26270	298	1	[	[	X
fbem-26270	298	2	25	25	NUM
fbem-26270	298	3	]	]	X
fbem-26270	298	4	li	li	PROPN
fbem-26270	298	5	y	y	PROPN
fbem-26270	298	6	,	,	PUNCT
fbem-26270	298	7	lazonick	lazonick	VERB
fbem-26270	298	8	w.	w.	PROPN
fbem-26270	298	9	china	china	PROPN
fbem-26270	298	10	’s	’s	PART
fbem-26270	298	11	development	development	PROPN
fbem-26270	298	12	path	path	NOUN
fbem-26270	298	13	:	:	PUNCT
fbem-26270	298	14	government	government	NOUN
fbem-26270	298	15	,	,	PUNCT
fbem-26270	298	16	business	business	NOUN
fbem-26270	298	17	,	,	PUNCT
fbem-26270	298	18	and	and	CCONJ
fbem-26270	298	19	globalization	globalization	NOUN
fbem-26270	298	20	in	in	ADP
fbem-26270	298	21	an	an	DET
fbem-26270	298	22	innovating	innovate	VERB
fbem-26270	298	23	economy	economy	NOUN
fbem-26270	299	1	[	[	X
fbem-26270	299	2	j	j	X
fbem-26270	299	3	]	]	X
fbem-26270	299	4	.	.	PUNCT
fbem-26270	300	1	institute	institute	PROPN
fbem-26270	300	2	for	for	ADP
fbem-26270	300	3	new	new	ADJ
fbem-26270	300	4	economic	economic	ADJ
fbem-26270	300	5	thinking	thinking	NOUN
fbem-26270	300	6	working	working	NOUN
fbem-26270	300	7	paper	paper	NOUN
fbem-26270	300	8	series	series	NOUN
fbem-26270	300	9	,	,	PUNCT
fbem-26270	300	10	2022	2022	NUM
fbem-26270	300	11	(	(	PUNCT
fbem-26270	300	12	190	190	NUM
fbem-26270	300	13	)	)	PUNCT
fbem-26270	300	14	.	.	PUNCT