Michael Pettis(@michaelxpettis):2/2 I would add that Tsinghua University's Li Daokui recently noted that "Using the term "K-shaped divergence" creates the false hope that the upward arm of the "K" can pull up the entire economy. This misdirects our focus. We must recognize that single upward trajectory cannot carry the weight of the entire economic base."

Michael Pettis

@michaelxpettis

Senior Fellow, Carnegie Endowment. For speaking engagements, please contact me at chinfinpettis@yahoo.com

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Michael Pettis@michaelxpettis

2026.07.30 05:02

2/2 I would add that Tsinghua University's Li Daokui recently noted that "Using the term "K-shaped divergence" creates the false hope that the upward arm of the "K" can pull up the entire economy. This misdirects our focus. We must recognize that single upward trajectory cannot carry the weight of the entire economic base."