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Channel: Michael Pettis' CHINA FINANCIAL MARKETS » Banks
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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...

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Bad debt cannot simply be “socialized”

Once again I am going to discuss debt, and my discussion will be mainly conceptual. I suspect that many of my regular readers might wonder why I keep returning to this subject – and, often enough, keep...

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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...

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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...

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