ACEMAXX ANALYTICS(@acemaxx):(must read) @MichaelXPettis is explicitly not making a valuation argument here. He barely mentions #yuan - The whole piece is a structural- #overcapacity argument, the surplus is a byproduct of #Chinese #saving persistently exceeding investment

ACEMAXX ANALYTICS

@acemaxx

Senior Economist - @HSG_Alumni

Joined February 2009

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ACEMAXX ANALYTICS@acemaxx

2026.08.28 07:07

(must read) @MichaelXPettis is explicitly not making a valuation argument here. He barely mentions #yuan# - The whole piece is a structural- #overcapacity# argument, the surplus is a byproduct of #Chinese# #saving# persistently exceeding investment -