Michael Pettis is a finance professor at Peking University and a senior associate at the Carnegie China Center.
China’s recently released economic data illustrate just how difficult it has been for the authorities in China to implement economic policies to expand sustainable domestic demand.
While first-quarter GDP grew nominally by 8.4 per cent year on year (4.8 per cent in real terms), household disposable income rose by much less — 6.3 per cent — suggesting that the share of GDP retained by Chinese households declined by at least one percentage point over the past year.
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