Michael Pettis
Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com
View on πThreads
1/4 The worse problems get in Sri Lanka, the greater the temptation seems to be to blame Chinese debt-trap diplomacy, but I think this is an ideological argument without much merit...
1/13 "Several economists expect that China will avoid a Japan-style stagnation β if the right policies take effect." But when these economists give reasons, it seems they aren't f...
1/4 China will accelerate next yearβs quota of local government special bonds, according to the chief analyst at Cinda, after 93 percent, or CNY3.4 trillion, of this yearβs was use...
1/4 Chinese bank-deposit yield curves seem to be inverting. This may matter to growth expectations, the author suggests, because "an inverted yield curve is a closely watched signa...
1/8 China plans to set up real estate funds to purchase and complete unfinished home projects, and then rent them to individuals as part of the government's drive to boost rental h...
1/10 "While it is not uncommon for local authorities to request more debt quota, many regions are facing growing financial strain, which raises questions about their ability to rep...
1/14 "Consumption does not drive growth β rather, consumption is derived from growth. Sustained GDP growth comes from investment and the productivity of investment." This is partl...
1/10 Good article on the difficulties China faces on its developing-country lending. "A Financial Times examination of the financial health of the Belt and Road Initiative has unco...
1/8 The middle income trap doesn't seem a useful concept as it means such different things in different contexts, but I'd argue that the "trap" for countries like China is that its...
1/9 Beijing plans to double down on infrastructure spending because, as Caixin notes, "apart from small-scale handouts of consumption vouchers, policymakers have been hesitant to t...
1/10 Good article by @vwang3 and @ZixuWang_News. This, I would argue, is the key point: "This banking scandal has exposed more systemic issues in Chinaβs financial system, includin...
1/6 "Pro-Brexit politicians believe that sweeping away EU rules governing the City will create a 'nimble' new regime and unlock funds for investment." This will turn out to benefi...