Michael Pettis(@michaelxpettis):"China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today." As Chinese debt continues to surge, and as Beijing increasingly tries (so far unsuccessfully) to rein it in, it is worth remembering how China managed its last major debt cleanup, from 2002 to 2011, and what the consequences were for the economy. I discuss this in my latest piece for the Carnegie Endowment.

Michael Pettis

@michaelxpettis

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

参加 October 2017

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Michael Pettis@michaelxpettis

2026.08.26 10:08

"China’s banking crisis in the 2000s was resolved by transferring the costs to households through financial repression—a decision that recapitalized the banks while exacerbating the structural imbalances that continue to shape the Chinese economy today." As Chinese debt continues to surge, and as Beijing increasingly tries (so far unsuccessfully) to rein it in, it is worth remembering how China managed its last major debt cleanup, from 2002 to 2011, and what the consequences were for the economy. I discuss this in my latest piece for the Carnegie Endowment.