Anybody surprised that „GDP growth“ based on debt fueled construction of ghost cities, idle airports and vacant skyscrapers doesn’t translate into corporate profits?
— Michael A. Arouet (@MichaelAArouet) January 1, 2024
The End Phase of High Levels of Chinese Growth.
In the 1980s until about 2000, China led the world in Total Factor Productivity (TFP) growth. Many people were amazed by their growth.
However, we must distinguish between catching-up growth and cutting-edge growth. China was… pic.twitter.com/5FdnYLPIun
— Deer Point Macro (@deerpointmacro) December 23, 2023