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Michael Pettis
michaelxpettis
1/9Good article. But while growing international criticism and rising trade tensions may have had some impact, as the article suggests, I don’t think they really explain the great reversal in
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1/6November's trade data continues to show just how lopsided China's economic recovery has been, with almost all of the recovery on the supply side, rather than the demand side. With export revenues up 14.9
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1/5In Spain, as in much of the rest of the world, the dis-saving of those left unemployed by Covid-19 was more than matched by increased savings among those who continued
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1/5Chinese bond markets continue to suffer from the fallout of last month's SOE bond defaults. The fact that a handful of defaults could wreak so much havoc shows just how
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1/6Guo Shuqing is right to worry about real estate: since at least the Roman financial crisis of 33 AD (and probably earlier), nearly every major financial crisis in history was
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1/14This very good article illustrates just how much confusion there is in understanding the accounting identities that describe the balance of payments. When a country saves more than it invests,
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1/6Very interesting article. After many years in which it promised "steadily" to promote the internationalization of the RMB, China's Central Committee now says, in an outline for the next five-year
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1/8Good article by @anjani_trivedi on what the recent bond defaults tell us about growing credit stresses within China. Those of us who have been watching this game for a long
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1/4Trump’s former chief economic adviser Gary Cohn is quoted here as saying that he does not think the trade tariffs that the Trump administration imposed on China worked because the
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1/4For nearly two years I've argued that we were going to see substantial increases in portfolio and FDI inflows into China, and so we are – to the point where
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1/7The headline is a little deceptive. While October's retail sales (a proxy for consumption) were 4.3% higher than last October, the increase was well below expectations and, more importantly, much
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1/11There is almost as much excited the-world-is-changing nonsense generated by the signing of the RCEP as there was by the creation in 2016 of the AIIB, and because of many
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