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But we saved everything 🙂.
Michael Pettis reports that China's credit demand weakened in April. Total social financing reached 15.45 trillion yuan from January to April, which is 893 billion yuan less than the same period a year earlier. In April alone, total social financing was 620.7 billion yuan.
Earlier, Michael Pettis cautioned that deep financial imbalances can lead to disruptive system adjustments. He has also argued that low infrastructure investment in Germany does not effectively reduce debt. Pettis’s analysis frequently addresses the risks tied to mismanaged credit and investment flows.