Worries over China's economic risks - from ghost towns to slowing growth - may keep market watchers up at night, but at least one analyst believes many of the bugbears are reasons to be bullish.
"The single greatest aspect of conventional wisdom about China today that we don't understand is the near-universal concern about under-utilized infrastructure… ghost cities, empty airports, and deserted highways," Bernstein Research said in a note dated Tuesday.
But at the beginning of their life, infrastructure assets should be poorly utilized, the report noted.
"No sensible economic planner approves, no sensible banker finances and no sensible builder constructs Just-in-Time infrastructure," Bernstein said. "On a 30-year view of fixed asset investment, low levels of utilization (and poor ROIC) in the early years is a necessary part of the process."