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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
9/15
As it is extremely unlikely that we will see property investment recover any time soon, for China to cut capacity in the most involuted sectors of manufacturing will require shifting debt and resources to create another source of growth.
2025-08-23T06:28:30.777Z