Michael Pettis

Jan 18, 2025 | carnegieendowment.org | Michael Pettis

Tom Holland had an interesting piece in the South China Morning Post three weeks ago in which he discusses the low valuations of Chinese banks. About a decade ago, if I remember correctly, Chinese banks were trading between three and four times book. Those valuations have dropped considerably since then:On Monday, the weighted average price-book value ratio for the 10 Chinese banks listed in Hong Kong fell to just 0.98.

Jan 11, 2025 | carnegieendowment.org | Michael Pettis

program The Asia Program in Washington studies disruptive security, governance, and technological risks that threaten peace, growth, and opportunity in the Asia-Pacific region, including a focus on China, Japan, and the Korean peninsula. Source: Foreign Policy China has formally overtaken Japan as the world's second largest economy. Yet, for all the recent excited commentary, there's less cause for baijiu toasts in Beijing than they might think.

Jan 8, 2025 | foreignaffairs.com | Julia Huesa |Robin Niblett |Michael Pettis |Allison Carnegie

U.S. President Joe Biden’s two major foreign policy achievements have been to strengthen U.S. alliances across the Atlantic and Pacific and to develop a transoceanic latticework that binds them all together.

Jan 7, 2025 | brnw.ch | Elliott Abrams |Joshua Kurlantzick |Robin Niblett |Michael Pettis

U.S. President Joe Biden’s two major foreign policy achievements have been to strengthen U.S. alliances across the Atlantic and Pacific and to develop a transoceanic latticework that binds them all together.

Dec 27, 2024 | foreignaffairs.com | Michael Pettis |Daniel Rosen |Logan G. Wright |Alexander Gabuev

U.S. President-elect Donald Trump has promised to implement a suite of aggressive tariffs on American trade partners, including a blanket 20 percent levy on goods from abroad. Although his supporters claim that these tariffs will strengthen U.S. manufacturing and create jobs, critics contend that they will fuel inflation, suppress employment, and perhaps tip the economy into a recession.