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Michael Pettis: China central bank governor blames trade protectionism for global imbalances

Michael Pettis: China central bank governor blames trade protectionism for global imbalances
China blames protectionism for imbalances

Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights that China’s central bank governor Pan Gongsheng blames rising trade protectionism and expanding national security concerns for worsening global economic imbalances.

Pan Gongsheng stated that Beijing does not deliberately pursue trade surpluses and is focused on expanding domestic demand.

Pettis previously noted that major Chinese banks raised U.S. dollar fixed deposit rates to 4 percent as they sought to attract new depositors. He also reported on Venezuelan and U.S. opposition to Chevron's efforts to control a significant stake in Venezuela's oil sector. These observations reflect Pettis's focus on macroeconomic and policy developments in global markets.

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