Why China’s Hard Landing Is A Certainty

Two years ago, Professor Michael Pettis of Peking University's Guanghua School of Management was something of a loner in his view that China’s infrastructure-led growth was creating gargantuan problems. Now, with land sales falling off a cliff, house prices reversing course and the central government forcing Chinese banks to roll over local government loans that had no hope of being repaid, the structural problems with China’s economy are widely accepted (at least in the international press … you don’t read much about it in the local papers). The debate is no longer about whether China is overly dependent on infrastructure spending....

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