2min chapter

Hidden Forces cover image

How the Wealth Gap Drives Imbalances in Global Trade & Finance | Michael Pettis

Hidden Forces

CHAPTER

China Needs Everything - It Needed Everything

If you can develop your own domestic savings, it's much more secure. The way to do that is to take money away from consuming entities and pass it on non consuming entities. And if you do it right, and china did it right at the time, you end up raising the savings rate,. pouring them into the banking system. That generated such rapid growth that even though households were effectively getting screwed, they were still benefiting tremendously.

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