Up Shibor creek with Michael Pettis
FT Alphachat
00:00
The Cost of Debt Capacity in China
We've been on this path of unsustainable growth and debt for many, many years. While debt levels were relatively low, you could keep doing this without running into capacity constraints. But at some point, of course, you can no longer do it. It's fairly clear that debt has been rising much too quickly. And it is urgently necessary for Beijing to constrain credit growth.
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