...policymakers are. Aside from the fact that sustainable domestic demand is declining this year, the fact that China is a net exporter of the goods and services it produces isn't because it had "decided" to sell these goods and services abroad rather than...
...domestically. It simply reflects China’s deficient domestic demand, driven mainly by the low share of GDP ordinary Chinese households retain.

That is why if China cannot export to foreign consumers, it cannot simply turn around and sell them to eager...
...Chinese consumers. Chinese consumers cannot buy a higher share of what they produce until they receive a larger share of Chinese income, and Beijing has been trying, unsuccessfully, to raise their income share for more than a decade, but it’s politically too difficult to...
...do. In the end if foreigners buy fewer Chinese goods, either Chinese household or government debt must surge, to generate higher demand, or China must stop producing those goods (causing unemployment to rise). This is the same problem the rest of the world faces.
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