do you think he read the article

Posted on: September 20, 2023 at 12:48:53 CT

and contemplated this:

“ But that investment playbook has been losing its potency. A chunk of investments are unproductive — for example, a shiny new airport is great, but if it sits empty and no one travels through it, that’s not a great return on investment. But whether the airport is busy or a ghost town, it required bonds and loans to build. That produced growth, but it also increased China’s debt, so much so that right now, it’s triple — yep, around 300 percent — the amount of China’s economic output. “That doesn’t really matter until the debt has to be settled. More stimulus simply increases debt and delays the reckoning,” Morgan said.”

and

“ As soon as we start to talk about investment and consumption, I think we need to also make clear what we mean in terms of that, and of GDP [gross domestic product]. People tend to think of GDP in terms of output of goods and services. The other way economists think of GDP is: What are the inputs to creating those outputs? The most important inputs to creating growth are, firstly, investment. Secondly, household consumption. Plus government services, and a little bit in terms of net exports. But it’s investment and household consumption that really matters.”