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Michael Pettis on Persistent Imbalances in Post-Pandemic China
Odd Lots
The Political Implications of Fiscal Stimulus in China
Why doesn't China just do stimulus through direct payments or a system similar to the checks being written in the US? In many ways, you would think that that would fit into China's professed ideology of communism. The other argument is that there are huge political implications to these types of transfers. Even for China to get halfway to normal in terms of the distribution of income, we have to shift from an economy in which households are roughly the same size as non-households.
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