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Michael Pettis: China’s growth drivers have not yet replaced faded engines

Michael Pettis: China’s growth drivers have not yet replaced faded engines
China’s old growth engines have faded

Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, shares insights from Li Daokui on China’s economic trajectory.

Li Daokui observes that while China experienced rapid economic growth over the past 20 years, the main drivers of that expansion have now faded and new sources of growth have yet to be established.

Pettis has recently highlighted a significant year-on-year decline in China’s property sales for July. He also noted that China’s debt-to-GDP ratio fell to 308.2 percent in the second quarter, its first decline in four and a half years. Both metrics add context to current discussions on the country’s search for new economic drivers.

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