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But we saved everything 🙂.
Michael Pettis highlights recent data from Caixin indicating that infrastructure investment remains relatively resilient, rising 4.3 percent, partly driven by spending on new infrastructure projects.
According to Pettis, infrastructure spending is the main tool the authorities in Beijing can use to achieve their GDP growth targets.
Pettis has recently pointed to state-backed bank stakes providing accounting gains for China’s top bad-debt managers as the property sector remains under pressure. He also highlighted a 46 percent year-on-year increase in shipbuilding output and a sharp rise in new orders for January. These signs suggest continued areas of strength in China’s industrial and financial sectors.