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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
6/15
More manufacturing, in other words, was not driven by any perceived increase in Chinese or global demand. It was wholly a reaction to the decline in property investment combined with a political determination to continue meeting excessively high GDP growth targets.
2025-08-23T06:28:30.716Z