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Independent voices from the The Washington Times Communities
Topic - Michael Pettis
"If we were to see uncertainty in the U.S. economy drag through into November and December, and that caused Americans to cut back on the amount of purchases they would have normally done for Christmas, then that would affect the Chinese economy directly," said Michael Pettis, a finance professor at Peking University, CBS reported.
But that model, while effective at industrializing the economy and bringing it up to modern standards, turned into a major bust in Japan and other Asian countries once they reached the limits of such export-led growth, he said.