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Michael Pettis on What Evergrande Means for China’s Macro Economy
Odd Lots
Common Prosperity Solves the American Problem in China
Donations are a tiny part of the economy. The real distortion is the very high government share of g d p, which is 20 to 25 percentage points in the us. And in europe it's much closer to zero, could even be negative. So if you want solve that problem, what you really have to do is transfer income from local governments to the household sector.
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