Category: Consumption

Interview on Chinese CPI and PPI data for December

The National Bureau of Statistics released today CPI and PPI data for December 2014. People’s Daily summarizes the CPI data, which came in pretty close to market expectations: China’s consumer prices grew 2 percent in 2014 from one year earlier, well below the government’s 3.5 percent target set for the year, official data showed on […]

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“…not with a bang but a whimper”

Doug, Pancoast, an American entrepreneur living in Shanghai, asked to interview me for his blog, and I agreed to do so. I think it was meant to be a brief interview, but I began to respond on a Saturday evening, while waiting for the performance at my club to begin (my office is at my […]

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What does a “good” Chinese adjustment look like?

I have always thought that the soft landing/hard landing debate wholly misses the point when it comes to China’s economic prospects. It confuses the kinds of market-based adjustments we are likely to see in the US or Europe with the much more controlled process we see in China. Instead of a hard landing or a […]

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Can Pedro Sanchez save the PSOE?

Last month Pedro Sánchez Castejón was chosen to be the new leader of Spain’s center-left Socialist Party (PSOE).  El Pais called his appointment a “renewal” of the PSOE, although Sánchez seems to have been chosen mainly because he is too young and unknown to suffer from the revulsion most Spaniards feel towards the political establishment. […]

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Rebalancing and long term growth

As analysts and official entities like the World Bank continue to downgrade their forecasts for medium-term growth in China, I have been asked increasingly often for the reasons I believe that 3-4% average annual growth rates is likely to be the upper limit for China during the adjustment period. In this blog entry I want […]

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