Michael Pettis explains why China almost certainly has to undergo debt forgiveness, just as pretty much every other heavily indebted nation has, historically: <a href="http:&#x2F;&#x2F;blog.mpettis.com&#x2F;2016&#x2F;01&#x2F;will-chinas-new-supply-side-reforms-help-china&#x2F;" rel="nofollow">http:&#x2F;&#x2F;blog.mpettis.com&#x2F;2016&#x2F;01&#x2F;will-chinas-new-supply-side-...</a>