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Michael Pettis
michaelpettis.bsky.social
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China is targeting a fiscal deficit of 4% for 2025, well above the 3% target in 2024 and the highest fiscal deficit since 1994. This may be important for signaling purposes, but we shouldn't read too much into the economic impact.
https://english.news.cn/20250305/cddffd8c98b14c96881be7200f970f76/c.html
2025-03-05T05:48:09.848Z