Michael Pettis on China

“... this suggests that authorities are very nervous. While the PBoC periodically announces that conditions are solid, the banking sector sound, and the economy slowing but still strong, the South China Morning Post reported Open in a new windowyesterday the creation of a new very high level crisis committee:

Vice-Premier Wang Qishan will head a committee being set up to deal with fiscal uncertainties caused by the deteriorating global financial crisis, according to an official source. The decision to set up the committee is the latest step by mainland authorities to try to prevent the domestic economy following western countries into recession.”

Segundo Ricupero, quando era Ministro da Fazenda, pego num descuido durante uma entrevista em 1994 na TV Globo em que imaginou que os microfones estavam desligados, nas suas próprias palavras, “notícias boas a gente divulga, as ruins a gente desmente”.