Michael Pettis on Persistent Imbalances in Post-Pandemic China
Odd Lots
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U.S.-China Economic Dynamics Post-Pandemic
This chapter examines the contrasting economic strategies of the U.S. and China in the wake of the COVID-19 pandemic, highlighting China's significant trade surplus amidst stagnant imports. It discusses the implications of fiscal policies, emphasizing the need for increased U.S. household income and infrastructure upgrades to stimulate growth. Moreover, the chapter explores the challenges faced by China's local governments in implementing economic reforms and the risks associated with rising debt levels.
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