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Michael Pettis: China relies on production-focused approach to boost consumption
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, writes that China’s long-term approach to improving consumption remains unchanged.
According to Pettis, the country continues to emphasize increased production with the expectation that household incomes will rise over time rather than adopting a new strategy to stimulate consumption.
Pettis has recently highlighted a widespread consensus on the need for China to rebalance its economy, according to a previous article. He has also pointed to investor concerns about hidden bad debt in China's banking sector in commentary on the Huaxia Bank case. These earlier notes add context to China’s current approach to household consumption and financial policy.
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