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Michael Pettis
michaelxpettis
1/7This article makes an important systemic point about the unsustainable relationship between debt and growth in China: “As China moves to tackle excessive borrowing in the real estate sector, it
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1/6According to this very interesting article Chinese entities have sharply increased their buying of JGBs this year in order to get a yield pickup over USTs, which means, I guess,
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1/6Good article, but worrying. Albert Hirschman argued that once a developing country reaches the maximum level of investment it can absorb productively, which I'd argue China did in the past
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1/4The author says that "since 2015, the central bank has allowed the currency to trade more freely. The PBoC’s shift has enabled the renminbi to undertake the same signalling role
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1/10I agree, Adam, that what happened in Japan is a very important story, but I would add that your graph shows Japanese government debt, which is only half the debt
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1/7This is a little surreal. For years certain countries like Germany saw their productivity-adjusted wages decline dramatically relative to those of their trading partners – especially their EU trading partners
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1/5I don’t think the economic argument should be whether or not the US should “bring home” such things as apparel manufacturing. There is nothing wrong in itself with outsourcing the
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1/11There is a very important point buried in this article. In June the OECD (like many others) calculated that China’s GDP would shrink sharply in 2020 – by 3.7% in
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1/11While many analysts see the most recent NBS data release – with retail sales showing the first monthly year-on-year increase in 2020 and industrial production up 5.6% year on year
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1/5Here we go again. I am not sure how credible a source Global Times is, but for Beijing selling US Treasuries isn’t the hard part. The hard part is what
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1/7Good piece by Robin Harding, but I am even less impressed by Abenomics than he is. I do however think it has important lessons for China. Like China today –
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1/8Very good article, Keith, but while I agree that part of the reason for the surge in China’s exports may have to do with its having emerged first from C-19,
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