Michael Pettis: State investors now main backers of China private equity

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01.07.2026

Michael Pettis: State investors now main backers of China private equity — State investors dominate China private equity

Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights findings from a recent Caixin article on private-equity financing in China. According to Pettis, a fund manager cited in the article states that state-backed investors have become the primary source of capital for China’s private equity industry in recent years.

Pettis clarifies that this trend does not stem from managing excess funds, indicating a structural shift in how capital flows into private equity in China.

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Pettis has previously noted that an estimated 10.6% of Chinese adults were overdue on debt payments at the end of 2025. Earlier, he highlighted challenges in China’s economy stemming from a persistent focus on production over consumption and rising excess capacity. The data provide context for current trends in private equity financing.

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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