Michael Pettis: Achieving high GDP growth targets requires excess capacity in key sectors

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Mikhail Vnuchkov

23.05.2026

Michael Pettis: Achieving high GDP growth targets requires excess capacity in key sectors — Excess capacity linked to GDP growth

Michael Pettis emphasizes that it is not possible to set excessively high GDP growth targets without also creating excess capacity in sectors such as property, manufacturing, or infrastructure.

He asserts that only by allowing excess capacity in these areas can the high growth targets be achieved.

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Earlier this month, Pettis noted that China's total social financing from January to April reached 15.45 trillion yuan, down 893 billion yuan year over year. In a separate post, he argued that persistent currency weakness amid rising trade surpluses challenges free-market principles. Pettis continues to track official targets and financial data closely.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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