leland miller joins us around the politics of china and their economics. nt to just cut to the chase. what is our biggest misconception about china right now? leland: i think the biggest misconception is the degree to which credit is really being strangled right now, and is down. -- and capex is down. when you look at quarterly credit results, you are seeing record lows in everything. all the big categories. overall borrowing, borrowing by state firms. if you look by geography, you are seeing numbers crater outside the big three regions of shanghai, beijing, and one dong -- and guangdong. this is not the deleveraging of the past. tom: let's jump forward to the politics. you state clearly there's another false dawn for retail as well. how does that change the political domestic calculus for president xi if he's got credit challenges and a retail false dawn? what does that mean for his politics? leland: it is a real problem looking to 2022. right now you got a global recovery, and you've got china exporting and doing well with manufacturing, so parts of the e

joining me now, leland miller. thank you very much for being here.surrounding china. happy you're here to address some of them. first let's talk the economy and markets, should we be worried about inflation coming from china as well? >> good morning maria. look, the entire inflation debate is playing out right now in the united states. we don't know whether it's going to be transitory or not. far too early to tell. but i think what is pretty clear right now is we should not worry about china exporting inflation over here. in china beige book we track inflation across the entire economy, we track it by sector, we track it by region, we track it by firm size and what we're not seeing is inflation spiking broadly. we're seeing it in very specific sectors. it's in manufacturing. it's a result of rising commodity prices. and you're seeing some firms under pressure and in some instances you're seeing costs being passed on down the line. but in general, you're not seeing a problem and most importantly, you're not seeing producer price as you mentioned being