China Experts Pettis, Prasad Debate Future GDP Growth
China experts Michael Pettis and Eswar Prasad recently debated via Bloomberg Briefs whether China could maintain 6 – 7% GDP for the rest of the decade, despite the inefficient, credit-driven investment model that has sustained high growth in recent years.
“When a country’s growth has been driven by wasteful investment, GDP growth exceeds real economic wealth creation, productivity is overstated, and debt rises faster than debt servicing capacity,” writes Pettis . . .
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