Michael Pettis (@michaelxpettis)
@michaelxpettis
Senior Fellow, Carnegie Endowment.
For speaking engagements, please contact me at chinfinpettis@yahoo.com
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The FT's Edward White argues that China urgently needs someone to close down huge swathes of China's inefficient and money-losing industries, much as former premier Zhu Rongji did in the late 1990s and early 2000s.
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This is becoming an increasingly important story: "A Chinese thin tank estimates the number of people in flexible employment - without a permanent full-time contract - rising to 320 million this year from 280 million in 2025, about 44% of China's workforce. China's gig economy has become a crucial employment buffer as the property crisis wipes out construction jobs and manufacturers shed workers through automation and cost-cutting amid tariffs, overcapacity and price wars."
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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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