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22min chapter
China Is Exporting Unemployment | Michael Pettis on Global Trade Imbalances, American Capital Controls, and the End of The Chinese Growth Miracle
Forward Guidance
Challenges in Rebalancing China's Economy
The chapter delves into the complexities of transitioning China's growth model from investment-driven infrastructure projects to a more sustainable consumption-driven approach. It discusses the challenges China faces in increasing consumption as a percentage of GDP, shifting focus from manufacturing to household income share, and reducing reliance on manufacturing subsidies. The chapter critiques current small consumer subsidies, proposes potential solutions like large fiscal borrowing to stimulate consumption, and draws comparisons between Chinese and US stimulus measures.
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Discover
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