All into Account All into Account: Final Take with Chief Economist for China, Haibin Zhu: Revisiting Made in China 2025 – Lessons learned and what lies ahead
Jul 29, 2025
In this enlightening discussion, Haibin Zhu, Chief China Economist at J.P. Morgan, shares key insights into China's economic trajectory. He unpacks the 'Made in China 2025' initiative and its successes and challenges, particularly in the tech realm. Zhu delves into the strategic competition with the U.S., exploring trade tensions and their global implications. He also highlights China's economic challenges, advocating for a shift toward service consumption and structural reforms to ensure sustainable growth amidst a changing landscape.
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Made in China 2025 Progress
- Made in China 2025 has propelled China to a global leader in sectors like new energy and aerospace.
- Challenges remain in semiconductors and autonomous driving due to reliance on foreign tech and export controls.
US-China Competition Dynamics
- US-China strategic competition is now normal, including tech and geopolitical divides.
- China's exports grow despite tariffs, aided by diversification, scale, and cost advantages.
China's Growth Challenges & Policies
- China's growth slows from 10% to 5% due to labor decline and limited investment.
- The three-arrow policy targets fiscal stimulus, monetary easing, and structural rebalancing for sustainable growth.