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6min chapter
Michael Pettis on What Evergrande Means for China’s Macro Economy
Odd Lots
The Importance of Real Estate Sales in China
Micheal Petas: 'Common prosperity' is an attempt to address the uneven distribution of income among chinese households. The rich have too large a share, and the ordinary and poor have too low a share, he says. He argues that China's export strength and its large current account surplus are caused mainly by high wages relative to productivity. But if you want to boost domestic consumption, which would undermineExport competitiveness, Mr Petas asks.
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