Here’s a piece on the OP ED page of today’s Wall Street Journal by the always astute Michael Pettis. The nut graf sums it up:
China’s financial authorities face two contradictory policy demands. They need to rein in out-of-control growth before it sparks rampant inflation. They also need to maximize job creation to avert social unrest that might stem from growing income inequality. And they are running out of policy tools.
Here’s the link to the entire piece…