Michael Pettis@michaelxpettis
It is strange how several commentators who denied over a decade ago that China has excess manufacturing capacity, low consumption, overinvestment in property and infrastructure, high and rising debt, and large trade surpluses, continue angrily to deny it even long after Chinese government officials themselves have identified these as problems that urgently need to be resolved. Again, for those who remember the debates about Japan in the late 1980s and early 1990s, for example the furious reaction to the Maekawa Commission report, this must seem very familiar.