Michael Pettis
Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com
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1/4 This is either ingenuous or dishonest: "Chip makers have shifted manufacturing to Asia to reduce costs. Producing chips in the U.S. is 40% more expensive than overseas. One rea...
1/7 "Amid plans to double its debt issuance in 2023, Wang urged investors to trust the local authority responsible for a wide range of infrastructure development, that also include...
1/4 These sorts of studies are incredibly frustrating: "A study co-written by Mary Amiti of the New York Federal Reserve Bank, said that 'US tariffs continue to be almost entirely...
1/4 Russia is increasingly using the RMB to denominate trade, mostly because it has no choice, but it is a mistake to refer to this as "dedollarization. Russia's actions have no ne...
1/4 Good article by Robin Wigglesworth, who notes that "the IMF has become much gloomier on the longer-term growth potential of China," partly, it seems, because China has failed t...
1/6 Former PBoC governor Zhou Xiaochuan is worried about China's unfunded pensions and calls for improvements, including a greater reliance on private pensions to fill the gap....
1/12 I've just read this very interesting blog post on a paper on USD primacy that Michael Kao presented at the West Point Symposium earlier this month. My differences with it ill...
1/10 Citibank apparently has an interesting research piece on the similarities between Chinaβs economy today and Japan's of the late 1980s and early 1990s: "Back in 2003," the FT n...
1/6 This announcement may have been be even less important than I thought. Apparently when Iraq said it would allow trade from China to be settled directly in RMB, it meant only no...
1/19 Is building strategic redundancy in the name of competitiveness β instead of funding new innovation β worth the price? This very interesting article, which uses TSMCβs Arizona...
1/7 For those interested in financial pressures on local governments in China, Caixin has a very useful article here, which among other things notes that "in 2022, revenue in China...
1/6 "The Iraqi central bank announced that, for the first time, it plans to allow trade from China to be settled directly in yuan instead of the US dollar." This is yet another on...