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Michael Pettis: China's Economic Growth Model Is Dying
Forward Guidance
The Importance of Free Capital Flows
The US has an open capital account and anyone can move money easily into and out of the US. China, which I think has a closed capital account, what does that mean? Is it a lot harder to get money in and out of China? It's much harder to get the money moving in China. And the reason is because the Chinese aren't befuddled by the sort of bizarre faith Americans have that in order to maximize growth, you have to allow Wall Street to have maximum freedom.
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