From Michael Pettis:
The Chinese financial system, I would argue, is less liberalized, and certainly less efficient, today than it was one year ago and even five years ago.
Perhaps it's just Michael "Deficit Attention Disorder" Pettis trying to reinvent himself. What's scary IMHO is someone demonstrating this level of inexplicable inconsistency being treated as a China guru. Some of us have longer memories.
Indeed you do. Kudos. OTOH, is there something wrong with his actual analysis, or are you just playing 'Gotcha'? He's not the only one concerned about Chinese markets faltering from rising NPLs.
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