Michael Pettis
Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com
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1/5 Goldman has downgraded many of the big Chinese banks, largely because of their heavy exposure to local-government debt. This has led some people to claim that Goldman is effe...
1/3 "To cope with the downward pressure on the economy, a proactive fiscal policy should stimulate effective investment. Local governments’ new special bonds have played a vital ro...
1/4 "Germany’s model plodded profitably along. But the pillars it relied on to do that — cheap Russian natural gas and the Chinese market — are collapsing." Actually there is a th...
1/4 "The challenge for Yellen will be to convince her Chinese counterparts that the bevy of U.S. measures are not intended to inflict harm on the Chinese economy. That will not be...
1/6 "Shi Yaobin, deputy head of the NPC Financial and Economic Affairs Committee, said hidden debts are still piling up and financial discipline is not being strictly enforced by l...
1/4 I think we conflate two different issues. One is the deteriorating relationship between China and the US. The other is opposition by the US to the mercantilist imbalances permi...
1/8 Good piece by Robin Wigglesworth extending some of the discussions set off by Brad Setser's important CFR and China Project pieces last week on China's accumulation of "shadow...
1/8 When some banks are regulated, and other banks, because they're not called "banks", are unregulated, it's a pretty safe bet that during stable times activity will shift from th...
1/4 I just finished reading Eric Helleiner's newest book. It's not necessarily for everyone, but for those interested in the history of "neo-mercantilist" thinking, it is a must-re...
1/9 Good article by @ZongyuanZoeLiu and @BennSteil on why it is so difficult for Beijing to boost domestic consumption in China. It requires effectively reversing the growth model...
1/4 "Institutions that report to China’s central government probably have closer to $6 trillion in foreign assets than the $3 trillion SAFE reported." Important article on China's...
1/3 ""One of the most important measures to boost consumer spending, according to Zhu Min, is to ensure that the growth rate for people’s incomes is higher than the gross domestic...