Local governments, seeking to curry favor with Beijing, directed manufacturing investment into hot sectors that Beijing was promoting (electric vehicles, batteries, solar panels), leading to massive overcapacity in these sectors.
factualpending
Speaker
Michael PettisEvidence Quote
“governments were very eager to curry favor with Beijing, they all directed much of that investment into the the hot manufacturing sectors”
Source
Michael Pettis: China’s Consumption Crisis Is The World’s Crisis— The Monetary Matters NetworkCreated: 8/11/2026, 7:43:21 AM
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