Author: Michael Pettis

Zounds! Hacked again!

I apologize to those who have submitted comments but for the past nearly four weeks I have been unable to enter into my blog as editor, which means that I have been able neither to post new entries nor to approve comments. I finally regained control last night and tried to approve all the legitimate […]

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What do bank share prices tell us about growth?

Tom Holland had an interesting piece in the South China Morning Post three weeks ago in which he discusses the low valuations of Chinese banks. About a decade ago, if I remember correctly, Chinese banks were trading between three and four times book. Those valuations have dropped considerably since then: On Monday, the weighted average […]

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The impact of reform on growth

I got a lot of feedback from my January 5 blog entry because of my argument that the implementation of the reforms proposed in the Third Plenum all but guarantees that growth rates in China will slow down. For that reason I thought it might make sense for me to explain a little more carefully […]

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