Li Xunlei: Global Imbalances Are the Norm, Urges China Fiscal Reform

Li's framing that imbalance is the norm, not an anomaly, shifts the debate from correcting external gaps to fixing internal ones — a notable emphasis from a sell-side economist at a state-linked forum. The pointed claim that China's domestic circulation is blocked, while its external channel runs smoothly, touches the core tension in Beijing's dual-circulation strategy and matters for anyone tracking how fiscal reform gets prioritized. Whether that diagnosis translates into concrete reform proposals, rather than remaining a forum observation, is the open question.