Michael Pettis News
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Economics, like life, is a balancing act. And the trouble with the global economy is that it’s badly out of balance.
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The decline in China’s growth rate is a good thing for the country and the world, Peking University finance professor Michael Pettis writes in the Financial Times.
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Peking University professor Michael Pettis was discussing declining bank-deposit returns when a student interrupted with a story about her aunt that may stymie China’s plan to boost consumer spending.
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The world must be patient with China. For years, the nation of 1.3 billion has dragged its feet on rebalancing its economy, raising anger around the globe.
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China may increase investments as possible stimulus plans if the economy slows “sharply,” Michael Pettis, chief strategist at Guosen Securities Co., said in an interview with Bloomberg Television today.
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China is under growing pressure from Asia, Europe and the U.S. to revalue its currency. Until recently, it even looked like we were about to embark on a sustained process of yuan revaluation fairly soon.
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Zhang Xin is betting hundreds of millions of dollars that the warnings of a housing crash are wrong. The former sweatshop worker has a track record of being right.
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From her leafy, 11th-floor rooftop terrace at the headquarters of Soho China Ltd ., billionaire Zhang Xin scans the relentlessly expanding Beijing skyline she helped create. Zhang’s avant-garde buildings -- some sleek as chopsticks, others stepped like rice terraces -- became part of the hottest real estate market on Earth in 2010.
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Neville Power gazes out the window of a chartered jet at the rust-red, mineral-rich Australian Outback.
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Lydia Wang, a 28-year-old marketing manager in Shanghai, gripes that the shoes and clothing she normally buys are at least 50 percent pricier than in 2009. Wu Sengyun, a 54-year-old retiree in the coastal city of Ningbo, Zhejiang, says prices of fruit and fish are up more than 20 percent in the past year.
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