Macro Hive Conversations With Bilal Hafeez Ep. 315: Keyu Jin on What Everyone Gets Wrong on China
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Jul 3, 2025 Keyu Jin, a Professor of Economics at the LSE and seasoned advisor to major economic institutions, shares her insights on China's unique economic model. She challenges Western assumptions by discussing the balance of state control and market forces, and the role of local governance. The conversation touches on generational consumption patterns among youth, the intricacies of U.S.-China relations during the Trump era, and essential advice for young professionals navigating their careers. Her perspective is both enlightening and provocative.
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China's Unique Economic Model
- China blends state coordination with market incentives, creating a unique economic model.
- It embraces dynamic entrepreneurialism despite being labeled a socialist country.
China's Decentralized Economy
- China's political system is centralized, but economically highly decentralized.
- Local governments fiercely compete, driving growth and innovation within a complex political economy.
Xi's Political Loyalty Impact
- President Xi's administration weighted political loyalty more heavily in governance.
- The supply-driven local government model emphasizes GDP growth but struggles to boost consumption.
