Banks and other fixed-income investors are buying long-date government bonds because the economy is struggling and better alternatives don’t exist.

Ignoring the problems of its historical precedents won’t make China’s success any more likely.

Almost everyone in economic policymaking circles is concerned about China’s high and rising debt burden, but there is little evidence that this is likely to change much in 2024.

Beijing’s unwillingness to boost the consumption share of GDP is not as bizarre as it seems.

In spite of China’s extraordinarily high investment levels, domestic savings nonetheless exceed domestic investment by quite a lot, making it a large net exporter of capital.