Michael Pettis

a senior associate in the Carnegie Asia Program, The National Interest

Michael Pettis is a senior associate in the Carnegie Asia Program based in Beijing. An expert on China’s economy, Pettis is professor of finance at Peking University’s Guanghua School of Management, where he specializes in Chinese financial markets.

Articles by Michael Pettis

Will China's New "Supply-Side" Reforms Help China?
It wasn't enough that we started 2016 with one of the worst weeks in the recent history of Chinese and global markets, but the panic continued into the following weeks and wreaked a great deal of damage to confidence. A lot of the reflexive China bulls are cautioning against misinterpreting the i ...
China's Rebalancing Timetable
We often read in the press rather alarming stories about the rise of an ugly and belligerent nationalism in China, but while these stories are certainly very real, after the November 13 bombings in Paris I was struck by a very different kind of Chinese behavior. A lot of young people that I know ...
In China, Lower Rates but Rising Worries
Two weeks ago the People's Bank of China announced this year's sixth interest-rate cut. Each announcement has brought limited relief to the many corporate and local-government borrowers struggling with a phenomenon China hasn't seen in nearly two decades: high real interest rates.
If We Don’t Understand Both Sides of China’s Balance Sheet, We Understand Neither
With so much happening in China in the past month it seems that there are a number of very specific topics that any essay on China should focus. I worry, however, that we get so caught up staring at strange clumps of trees that we risk losing sight of the forest. What happened in July this year, ...
Inverted Balance Sheets and Doubling the Financial Bet
On Tuesday the National Bureau of Statistics released China’s 2014 GDP growth numbers and reported growth consistent with what the government has been widely promoting as the “new normal”. According to the preliminary estimation, the gross domestic product (GDP) of China was 63,646.3 bi ...
How Might a China Slowdown Affect the World?
Two years ago it was hard to find analysts who expected average GDP growth over the rest of this decade to be less than 8%. The current consensus seems to have dropped to between 6% and 7% on average. I don’t think Beijing disagrees. After assuring us Tuesday that China’s economy – which i ...