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Michael Pettis
michaelxpettis
Tang Jie, one of the very smart students in my Sunday seminar, presented the following graph in today’s meeting. It shows subway ridership this year in 30 major Chinese cities
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During my Sunday seminar a student made a presentation with preliminary data on how Covid-19 has affected the wealth and the income of different households in China, ranked by income.
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In the tenth week of the lockdown much of Beijing is back to work, but it seems to me that consumption – or at least shopping – is going to
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Nine weeks into Beijing’s lockdown and there seems to be a real bifurcation in how the consumer side of the economy is responding. I went out to get my hair
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The fall in consumer lending in China in the past two months has been incredibly steep. If this continues, the growth in consumer debt that allowed Chinese consumption to grow
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After 8 weeks of lockdown Beijingers have definitely put behind them the shock and horror that led to so much pessimism and so many predictions of social and economic disaster
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One of the great benefits of Hyman Minsky’s balance-sheet approach to economics is that it forces analysts to consider how the structure of balance sheets can either dissipate or reinforce
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I’d agree with Dani Rodrik’s contention that Convid-19 won’t alter – much less reverse – tendencies that were evident before the crisis. In fact I’d argue that the pandemic is
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By the eighth week of Beijing's lockdown, many sectors of the city were clearly back to normal, as you can see from the pictures below, but many other sectors –
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While the rest of the world falls into the deep pessimism typical of the early stages of the pandemic – just like those of us living in China experienced 5-6
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The PBoC is slowly and hesitantly cutting lending rates – much more slowly than in the rest of the world, so in relative terms they are rising – and is
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I’ll gladly take the bet. Jeffrey Sachs is a brilliant guy but I don’t think he understands how the balance of payments works. His argument about why the RMB will
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