Michael Pettis
@michaelxpettis
Senior Fellow, Carnegie Endowment.
For speaking engagements, please contact me at chinfinpettis@yahoo.com
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Xinhua: "Profits of China's major industrial firms increased 18.2% year on year during the January-April period, surpassing a rise of 15.5% in the first quarter."
Total profits are low but rising rapidly, balancing the lagging growth in wages.
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According to Reuters, domestic car sales in China were down 21.6% year on year in April, even as car exports surged 80.2%. Everyone knows that domestic demand remains incredibly sluggish in China, but such sharp drops in domestic car...
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