China gives the year a wild beginning

CHINA FINANCIAL - Report 08 Jan 2016 by Michael Pettis
Special points to highlight in this issue: The wild gyrations in the Chinese stock market this week don't tell us much about the direction of the Chinese economy, but they do tell us just how much uncertainty there is, both in the outlook for the economy and in the way Beijing will manage it.Three years ago I warned that because China's rebalancing had been so long postponed, the country's balance sheets had become extremely fragile and the financial system overly dependent on government guarantees. As a result, periodic financial shocks were inevitable. We are going to have, in other words...

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