Currency Corner by Kotak Neo
@CurrencyCornerByKotakNeo
https://x.com/michaelxpettis/status/1834153939349983296
The biggest problem with China's industrial might is that it is not born out of largely free market principles but proximity to Govt.
This creates a weak and very lop sided private sector, where industries produce things not necessarily where they are good at, but where they can arm twist policy makers to earn maximum favour.
This is dangerous for long term
A house of cards
The biggest problem with China's industrial might is that it is not born out of largely free market principles but proximity to Govt.
This creates a weak and very lop sided private sector, where industries produce things not necessarily where they are good at, but where they can arm twist policy makers to earn maximum favour.
This is dangerous for long term
A house of cards
X (formerly Twitter)
Michael Pettis (@michaelxpettis) on X
1/8
China' private secret is suffering. Among other things, "“China used to be the best VC destination in the world after the US,” says one Beijing-based executive, but “the industry has just died before our eyes. The entrepreneurial spirit is dead.”
https://t.co/zb08Swnmhp
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