Michael Pettis, one of the world’s top economists, and currently a professor of finance at Peking University, provides in this three-part interview with FT’s Beijing Bureau Chief, Geoff Dyer, an in-depth overview of China’s economy and its future structural changes. Professor Pettis is one of the foremost experts on Mainland’s economy.
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Part 1 – On future US-China trade relations.
Part 2 – On the pros and cons of China’s growth model
Part 3 – Pettis on where China may diversify forex reserves
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Isn’t “one of the world’s top economists” like saying “one of the world’s leading clairvoyants”?
How the hell can you preface the name with one of the world top economists? This is the very same chap that regurgitate Karl Marx “Theory of Surplus Value” which, I doubt he knew about as his own. Economics 101 say that if you are paid low wage then the employer has expropriated the surplus as higher return to the employer. This chap predicted the demise of the Chinese economy as a bubble. I will run down Wall Street naked if this happen. Unfortunately, you get someone who comes into China from US who knows very little of the culture, history and not to say language and suddenly he is an expert on the Chinese economy. He probably did not know of the 13 Plenary Congress whereby China adopted the market mechanism to allocate resources. As financial journalist, you do yourself a disservice by not understanding economics. How can a person who spent 5 years or even 10 years teaching finance at PKU (pity the poor students) purportedly be an expert on Chinese economy. It is the third largest economy and even the Treasury or its equivalent in China cannot make this claim and they are the one with the intimate knowledge. All these failed bankers who plunged the US into such poor financial state suddenly have egg on their face for their stupidity and greed.