China's Economy: A Tale of Two PMI's

The video discusses the differences between private and official economic readings in China, highlighting the bias in official data and the growth seen in smaller private companies. It addresses the fragmented political landscape and regional economic disparities, particularly in Northeast China. The discussion covers liquidity and investment challenges, noting a preference for liquidity over investment. The reform agenda is examined, focusing on the consolidation of industries and the challenges of reforming state enterprises without causing unemployment.

What is the significance of the M2M1 and M2 ratios in understanding China's liquidity?

What are the implications of the reform agenda for China's long-term economic growth?