Will Take Quite a While to Fix China Property Market: Professor Pettis

The transcript discusses China's economic challenges, focusing on centralization, the property market, and household confidence. It highlights the political and economic issues China faces, such as resolving debt and increasing household GDP share. The discussion also covers the property market's instability and the need for strategies to boost household confidence, like increasing wages and strengthening the social safety net. The role of government intervention and moral hazard in addressing these challenges is debated, with a focus on the need for gradual economic adjustments.

Discuss the potential solutions for increasing the household share of GDP in China.

What role do local governments play in the current economic situation in China, particularly regarding the property sector?