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Michael Pettis on Persistent Imbalances in Post-Pandemic China
Odd Lots
The Debt Trajectory in China
China has had the highest investment growth rate in history for 40 years. But more importantly, is the debt trajectory because when you borrow money to fund investment, if the investment is productive, by definition, your debt to GDP ratio can't go up. Beijing is very worried about this and that's why they're having this huge debate about how much growth they need.
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