Logan Wright is the director of China markets research at Rhodium Group and senior associate of the Trustee Chair in Chinese Business and Economics at the Center for Strategic and International Studies. Wright is an expert on China's financial system, and over the years he has studied the expansion of credit in China, the Chinese government’s deleveraging campaign, and local government debt. In the following lightly edited interview, we discussed China’s unbalanced economic recovery following COVID, the deepening debt crisis among local governments, and the global impact of a structural slowdown in China’s economic growth story. Logan Wright.Illustration by Lauren Crow Q: How would you judge China’s economic performance since the reopening after COVID-19? A: China’s recovery has almost entirely been driven by services activity, and by consumption; that is, by household consumption, and by pent up demand for travel. What's notable is that the other components of the rSubscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.