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Michael Pettis: U.S. and UK financial sectors enabled trade surpluses of large economies
Countries such as the U.S., the UK, and Canada allowed large economies like Japan, Germany, China, and South Korea to run persistent mercantilist trade surpluses, according to Michael Pettis. Pettis highlights that this was driven by the priorities of the financial sectors in these countries and was not regarded as a significant issue at the time.
The commentary points to the influence of financial sector interests on international trade dynamics involving major economies.
Pettis has recently commented on expectations for China's economic growth, saying that calls for a higher China GDP target could complicate efforts to manage debt and deflation. He also noted that fixed-asset investment in China rose 1.8 percent year on year in early 2024, supported by increased infrastructure spending. These observations reflect his continued focus on China’s macroeconomic policies.
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