Michael Pettis
Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com
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1/12 Richard Koo is right to think in terms of balance sheets. Hyman Minskyโs great contribution to modern economics was to argue that economics is not just about the asset side of...
1/11 "China should shift the focus of its stimulus from investment to consumption and further loosen urban residency curbs to boost migrant workers' spending power, Cai Fang, an ad...
1/3 June CPI prices were flat year on year, while PPI prices were down a whopping 5.4%. Month on month CPI prices were down 0.2%, the fifth month in a row of monthly deflation. ht...
1/3 "Lou Jiwei ruled out any near-term issuance of special treasury bonds, as it would necessitate a slew of investment projects with sufficient return potential for bond repayment...
1/6 Many people, even economists, are confused about the implications of trade data. According to the president of the Shanghai University of Finance and Economics, "Foreign trade...
1/3 Taiwanโs exports fell 23.4% year on year in June, after a 14.1% fall in May. Imports fell even more, by 29.9% in June, after a decline of 21.7% in May. While external demand is...
1/4 "When the tariffs were put in place, the focus was on economics and trade policy. Now it's not about that anymore. It's all about national security." The tariffs on China were...
1/4 "The United States, however, now borrows heavily during periods of economic growth to meet basic and ongoing obligations. Itโs increasingly unsustainable." https://t.co/FHOiY9...
1/3 "The workshop was the latest in Chinaโs efforts to build soft power through a cultural counteroffensive as Beijing and Washington engage in an intense war of narratives." http...
1/5 This article seems to argue that middle-eastern investment into China is good for China, but it's hard to see why. If it were bringing advanced technology with it, it could obv...
1/3 "Chinese banks are facing increasing risks from rising non-performing loans and diminishing returns, making them a lightning rod for investors' worries about the world's second...
1/2 Needless to say I agree with Brad here. The depreciating RMB (which, by the way, is greater in real terms than in nominal terms because of inflation differentials) is simply on...