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Michael Pettis
michaelpettis.bsky.social
did:plc:aday7msfnpqba7psqpjq3pij
7/15
are capitalized rather than expensed, this means, among other things, that GDP growth has been systematically overstated every year by the amount of capitalized investment losses, as I explain in a recent essay.
https://carnegieendowment.org/posts/2025/08/using-chinas-central-government-balance-sheet-to-clean-up-local-government-debt-is-a-bad-idea?lang=en
2025-08-26T09:56:35.433Z