The Only Thing Worse Than a Recession
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.