As I see it | If a ‘great rebalancing’ is coming, will China really have to pay for it?
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While China does have a large trade surplus, economist Michael Pettis’ argument that Beijing is most vulnerable to a global adjustment is not convincing.

Michael Pettis says a great rebalancing is coming and China will pay for it. It’s strange how the man who insists that power decides who pays never tests his claim on Washington. The Beijing-based economist has been warning that a great rebalancing is coming since he published a book called The Great Rebalancing. That was in 2013. His latest Foreign Affairs offering? You guessed it: “A Great Rebalancing Is Coming: Who Will Bear the Costs of a Global Trade Adjustment?” It’s the same plot: Today’s…

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