He then obtained a PhD in economics from that institution[4] in 1990 and went on to become an economist for the International Monetary Fund, specializing in South-east Asian economies.
In China, some local government economists criticized his bearish calls on Chinese Asset Bubble-Burst Cycle and questioned his personality, claiming him as an "American Parrot".
[9] Xie comments that Japan's low birth rate (1.4%) is partially due to the real estate bubble in the 1980s where China currently is following in the same track.
Chinese land policy and short term government behaviors provide the perfect ground for a semi-permanent property bubble.
An economic crisis similar to the Great Depression might happen in China within 20 years when Chinese baby boomers (born between 1950 and 1978) start to retire.
On 15 September 2008, Lehman Brothers filed Chapter 11 Bankruptcy, and Merrill Lynch was sold to Bank of America in a shot-gun deal.
[14] Commenting on United States' exploding deficit, Xie said that "Any other country with America's problems would need the Paris Club of creditor nations to negotiate with its lenders on its monetary and fiscal policies to protect their interests".
Its recent decision to turn Shanghai into a financial centre by 2020 reflects China's anxiety over relying on the dollar system."
Xie's bearish calls brought broad criticisms from local Chinese "Pundits" and domestic retail investors.
Some suggest that the Chinese asset market is deeply undervalued and return on equity (ROE) analysis is not applicable in China.