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Michael Pettis
michaelxpettis
1/10The latest IMF report on China was released yesterday and provides a lot of good information and intelligent insight on the Chinese economy. The IMF’s measure of China’s adjusted fiscal
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1/5I disagree. I don't think American democracy was trashed. It was certainly bruised, but democracy is a messy process, and it is especially messy during times when political institutions must
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1/5The fact that China's share of global steel production was an astonishing 57.5% by November of this year shows the extent to which China's growth (generally, but especially in 2020)
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1/7I've just finished reading Stefan Link’s excellent new book. It probably isn’t for everyone, but there is an awful lot here to think about for those trying to understand the
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1/5This very interesting article by Ren Zeping and colleagues notes that during China’s planned economy period, while the northern provinces experienced an economic boom in heavy industry, “a blessing can
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1/7I was wondering just how long it would take before the PBoC responded to Sunday’s fairly harsh criticism of its regulatory oversight by former Finance Minister Lou Jiwei. It took
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1/4Worrying article. Among other things it cites a CIO saying: “The Fed has created an expectation of a bailout,” adding that it, “almost doesn't matter” what other indicators of debt
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1/10This is a really tough problem to resolve, especially if the massive increase in inflows from the trade and financial accounts are sustained, as I expect they will be well
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1/6In its meeting last week the Politburo coined a new term, "demand-side reform", to go along the supply-side reforms it has long promised. As part of this it called for
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1/6There is so much upward pressure on the RMB that I suspect that regulators will do whatever they can next year to encourage outflows. The problem is that the more
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1/7Good article by @Lingling_Wei on how state control of the Chinese economy has increased in recent years in spite of assurances that Beijing wants to maintain the role of the
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1/8Important article which supports the point I have been making for the past few months, which is that lending discipline is incompatible with a GDP growth target. "Chinese government entities
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