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Fed's Powell Says Understanding China’s Economy Is ‘Very Hard’

Jerome Powell on Nov. 13.
Jerome Powell on Nov. 13.Photographer: Al Drago/Bloomberg

Federal Reserve Chairman Jerome Powell said it’s hard to know what’s happening with China’s economy and that Beijing’s deleveraging campaign is part of the reason for slower global growth.

“It’s very hard to understand China,” Powell said Wednesday in testimony before the congressional Joint Economic Committee in Washington. “You can read all you want, you can visit it all the time, but nonetheless it’s still very hard, I think, for me anyway, to really feel like you understand how the economy works.”