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Michael Pettis: China's Economic Growth Model Is Dying
Forward Guidance
The Problem With China's Development Model
In the 1980s, their consumption share was sort of normal for most countries. Over the next 15, 20 years, they drove the consumption share of GDP to the lowest ever seen in history. The problem is that China had way too much reliance on investment and not enough on consumption. So they have to bring up consumption as they bring investment down. And for reasons that I'm sure we'll discuss, that's really hard to do.
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