No matter how sincere its intentions, what Beijing says it will do over the next few years is meaningful only if its policies are both internally consistent and do not violate external constraints. As I proposed two weeks ago, in this post I will try to lay out as logically as possible the economic options available to Beijing, with some discussion of their limitations. Any decision made by Beijing that is not consistent with these options, I will argue, is not worth taking seriously as a prediction of the future.Read it at Credit Writedowns
The ways China can rebalance
by Michael Pettis
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