Up Shibor creek with Michael Pettis
FT Alphachat
00:00
The Problem With Transfers From the State Sector to the Household Sector
In the last 30 years as China grew quickly, the state share grew and the household share contracted. That's just a way of saying that we have to move from a system in which there were a series of sometimes hidden sometimes explicit transfers," he says. "The problem there is twofold. The first is that it's going to be politically very, very difficult to make those transfers"
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