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Michael Pettis
michaelxpettis
1/6Debt does matter, as Sharma argues here, but it matters because balance sheet structures matter. Fragile balance sheets limit operational flexibility, increase uncertainty, exacerbate volatility, and set off a wide
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1/6Good article on the real meaning of Chinese GDP growth figures. The article correctly points out that income inequality in China is extremely high, comparable to levels in the most
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1/16It is a little frustrating to see the response many analysts had to the GDP growth data Chinese released today. These numbers aren’t especially good, and they certainly shouldn’t have
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1/14While I've long argued that the Trump administration’s approach to trade did more economic harm than good, I read the USCBC research report and I am very skeptical about its
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1/5An important point over which Chen Yulu is right to worry. The US-China trade relationship is a kind of machine that converts US consumption into Chinese savings, which in turn
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1/5The biggest cost to the US economy is when workers are willing but unable to find productive jobs. That is why a major economic stimulus can bring short-term growth to
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1/7China’s trade surplus in December came in above expectations at $78.2 billion. Equal to 6% of China's December GDP and 1.2% of the rest of the world's GDP, this acts
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1/5Interesting and important article. For years analysts have argued – and some still argue – that Chinese public-sector investment, including the rapid expansion of its railway system, remains productive and
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1/9This is a good paper (and good thread) documenting the strengthening in recent years of creditor rights in sovereign debt. The authors point out, for example, that the share of
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1/7The uselessness of Trump's trade war with China doesn't mean that the US should not act aggressively to address its decades of large trade deficits. It just means that global
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1/11An article worth thinking about: “As changes to the world structure accelerate, China’s rule is in sharp contrast with the turmoil in the West,” says Beijing.I agree, but I draw
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1/6I hope Joe Biden and his administration are serious about this stimulus spending, especially if it is directed to much-needed infrastructure. For those who are worried about where the money
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