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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
8/15
But this means that unless Beijing is willing to give up the GDP growth target (which for now, it isn't), it cannot "resolve" involution—i.e. cut capacity sharply in the worst affected areas—unless it can engineer a corresponding upsurge in demand elsewhere.
2025-08-23T06:28:30.756Z