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Michael Pettis: Injection of capital is not leading to higher demand deposits
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights that a large amount of capital being injected into the real economy would typically result in a sharp rise in corporate and household demand deposits.
However, he points out that instead of the expected boost in deposits indicating active commercial transactions, the current phenomenon is marked by capital failing to enter demand deposits as anticipated.
Pettis has previously highlighted concern about hidden bad debt in China's banking sector following developments at Huaxia Bank. He has also noted broad agreement among policy advisors on China’s need to rebalance its economy, citing ongoing challenges for rebalancing. The latest trends in deposit behavior come as these issues remain under scrutiny.
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