Global macroeconomics, China analysis, and financial markets by Michael Pettis
Michael Pettis: USSR maximized output under soft budget constraints at expense of value
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights economist ...
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 ...
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 ...
Home rents in China’s major cities climb for third consecutive month, Michael Pettis notes
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, reports that China’s ...
Michael Pettis: China relies on production-focused approach to boost consumption
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, writes that China’s ...
China raises childcare subsidies by 10.6 percent in 2025, Michael Pettis notes
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, reports that China's ...
Michael Pettis: OECD analysis links Chinese firms’ market share gains to subsidies
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University and Carnegie Endowment for International Peace, highlights findings ...
Challenges remain for China to rebalance its economy, Michael Pettis notes
Michael Pettis, economist and professor of finance at Peking University and nonresident senior fellow at Carnegie Endowment for International Peace, discusses Rhodium's analysis of the Chinese ...
Michael Pettis: Industrial profit recovery in China uneven among sectors
Michael Pettis, economist, professor of finance, nonresident senior fellow, author, macroeconomic analyst at Peking University; Carnegie Endowment for International Peace, highlights that while ...
Huaxia Bank case adds to hidden bad debt worries in China, Michael Pettis notes
Michael Pettis highlights rising concerns about hidden bad debt in China's banking system following the Huaxia Bank case. He notes that this development comes as investors continue to assess the ...
Michael Pettis: Achieving high GDP growth targets requires excess capacity in key sectors
Michael Pettis emphasizes that it is not possible to set excessively high GDP growth targets without also creating excess capacity in sectors such as property, manufacturing, or infrastructure. ...
China to increase infrastructure investment to drive growth, Michael Pettis states
Michael Pettis highlights that China is expected to increase infrastructure spending to bolster economic growth. According to Bloomberg, in April, the Politburo committed to accelerating ...
Michael Pettis: Trade policies do not impact overall imbalances
Michael Pettis argues that trade policies which may appear impressive to policymakers and dealmakers have no actual effect on the overall trade imbalances. He stresses that a misunderstanding of ...
Infrastructure investment increases 4.3 percent as new projects are launched, Michael Pettis notes
Michael Pettis highlights recent data from Caixin indicating that infrastructure investment remains relatively resilient, rising 4.3 percent, partly driven by spending on new infrastructure ...
Michael Pettis: Chinese economy depends on expanding global manufacturing share
Michael Pettis examines how the Chinese economy is structured around increasing its share of global manufacturing. He emphasizes that this model relies on competitive advantage rather than ...
China current account surplus figures differ from real estimates, Michael Pettis notes
Michael Pettis compares China's reported current account surplus with the best estimate of its actual current account surplus. The analysis suggests a potential gap between official figures and ...
Michael Pettis: China total social financing at 15.45 trillion yuan in April
Michael Pettis reports that China's credit demand weakened in April. Total social financing reached 15.45 trillion yuan from January to April, which is 893 billion yuan less than the same period a ...
China mobilizes excess capital, Europe falls short on public asset structuring, Michael Pettis notes
Michael Pettis highlights differing capital deployment challenges in China and Europe. According to his commentary, China mobilizes significant amounts of capital but often lacks sufficient ...
Michael Pettis: Currency weakness amid trade surpluses questions free-market principles
Michael Pettis questions why an already-weak currency would continue to weaken in the face of large and growing trade surpluses under a truly free-trading global economy where prices are set by ...
Shipbuilding output surges and new orders jump, Michael Pettis notes
Michael Pettis, industry influencer, reports that from January to March, the country's shipbuilding output increased by 46 percent year on year, reaching 57.3 percent of the global total. ...
Michael Pettis: Chinese banks face acute pressure from rising real estate exposure
Michael Pettis, industry influencer, highlights growing challenges for Chinese banks as they are compelled to take on real estate assets that back defaulted property loans. He indicates that this ...
