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China increases production at cost of consumption, Michael Pettis warns
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights growing difficulties in finding positive developments in China's latest economic data release.
According to Pettis, the Chinese economy is structurally inclined to increase production at the expense of consumption, even after many years of rising excess capacity. He points out that today's data reflects ongoing challenges for rebalancing the country's economic model.
Earlier, Pettis noted a widespread consensus among policy advisors on China’s need to rebalance its economy. He has also highlighted concerns about hidden bad debt in China’s banking sector following the Huaxia Bank case. The recent figures reinforce ongoing scrutiny of China’s economic health.
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