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The Only Thing Worse Than a Recession

August 18, 2009

I was quoted in today’s Globe and Mail concerning the Shanghai stock market:

Patrick Chovanec, an associate professor at Tsinghua University’s School of Economics and Management in Beijing, said a falling Chinese market isn’t necessarily a bad thing.

“I’ve always felt the Chinese market needs to pop, the sooner the better,” he said. “The only thing worse than having a recession is never having one, because the deadwood never gets cleared out. I’m very bullish on China for the long term, but what China needs right now is a bout of creative destruction that will prepare it for the next round of growth.”

You can read the entire article here.

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