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The Bunker
China’s broken economy is a global problem. Can Xi Jinping fix it?
Oct 8, 2024
Ian Williams, a former foreign correspondent and author of "Vampire State: The Rise and Fall of the Chinese Economy," discusses China's unsustainable economic model and growing challenges. He explores the tensions between state control and innovation in a slowing economy, highlighting the risks of dissent. Williams notes the alarming exodus of entrepreneurs and critiques governmental stimulus efforts. The conversation also touches on Xi Jinping's leadership style and the implications for both domestic reform and international relations.
30:51
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Quick takeaways
- China's economy faces unsustainability due to poor policies and overreliance on property investment, jeopardizing the Communist Party's legitimacy.
- Xi Jinping's regime curtails economic criticism, complicating necessary reforms and leading to skepticism about official economic statistics and policies.
Deep dives
China's Economic Decline and Policy Failures
China's economy, once celebrated as a modern miracle, is currently facing significant challenges, including sluggish growth, rising debt, and an aging population. Problems stem from poor policy decisions, such as the creation of ghost cities filled with empty buildings, which contribute to the decline. The previous economic model, heavily reliant on property investment, has become increasingly unsustainable as diminishing returns set in. Economists within China recognize the need for a new, more consumer-driven economic model but question whether Xi Jinping's focus on state control will allow necessary reforms to occur.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode