But last week, Chinese state media slammed Goldman Sachs after the Wall Street firm recommended selling shares in local banks because of their exposure to risks in the domestic economy.
Group of 20 central bankers and finance ministers are meeting this week in India, with this data adding to their worries about the state of the global economy.
Some pessimists say the Chinese economy has peaked and a significant slowdown is coming.
But, Mr. Pettis added, international investors need to look at China differently than they once did.
“When China was growing at double-digit rates, even poor parts of the economy were growing,” he said.
Persons:
” George Magnus, DealBook, Xi, Goldman Sachs, Covid, Michael Pettis, Pettis, ”, “
Organizations:
Oxford University’s China Center, UBS, West, Street, Peking University
Locations:
China, Beijing, India, Russia, Ukraine, Moscow, Kyiv