The spillover from a slowing Chinese economy “cannot just be wished away,” said Josh Lipsky, a former State Department and IMF official who’s now the senior director of the Atlantic Council's GeoEconomics Center.
. Indeed, according to a half-dozen other top economists and Wall Street executives, the links between U.S. and Chinese financial systems are minimal.
Labor prices were already climbing in China, which has reduced its role in bringing down inflation, they said. And while many companies have been transitioning out of China amid a broader push to “de-risk” supply chains, that isn’t an easy process. Still, even with limited ties to the U.S. financial system and slowing relationship on trade, “in this environment, the biggest failures are going to be failures of imagination,” Daleep Singh, PGIM Fixed Income’s chief global economist and former Biden White House official, said in an interview.
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