Is the West Getting China Wrong? with Keyu Jin and Gideon Rachman
May 17, 2023
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Keyu Jin, a Professor of Economics at the London School of Economics and author of "The New China Playbook," joins Gideon Rachman, Chief Foreign Affairs Commentator for the Financial Times. They tackle whether the West truly understands China, navigating tensions and cultural misunderstandings. The conversation dives into the 'lying flat' movement among youth seeking work-life balance, China's aging population challenges, and socioeconomic paradoxes facing highly educated youth. They also reflect on nationalism and the risks of conflict over Taiwan in U.S.-China relations.
US-China relations are marked by tensions due to differing worldviews and political systems.
China's younger generation represents a shift towards lifestyle consumption and open-mindedness.
The aftermath of China's one-child policy results in societal shifts and economic challenges.
China faces a skills gap in the job market, emphasizing the need for business acumen and adaptability.
Deep dives
US-China Relations: Navigating Misunderstandings and Differences
The episode delves into the complexities of US-China relations, highlighting the tensions and misunderstandings between the two countries. With a focus on the unique perspective of individuals with backgrounds in both the US and China, the discussion acknowledges the significant challenges posed by differing worldviews, political systems, and economic disparities. Despite the potential for conflict over issues like Taiwan, efforts to avoid a self-fulfilling prophecy of irreconcilable differences are emphasized.
Generational Shift in China: Evolving Outlook and Values
The episode explores the generational changes in China, tracing the transformation from the cultural revolution era to the present. The emergence of a new generation marked by prosperity, open-mindedness, and diverse values is highlighted. With a shift towards lifestyle consumption and a departure from risk-averse tendencies, the younger generation signals a positive force for China, albeit with impending challenges to address.
One-Child Policy Impact: Social and Economic Consequences
The impacts of China's former one-child policy on the current generation are examined, revealing a cohort marked by loneliness, intense competition, and financial pressures. The policy's repercussions, including declining marriage rates and societal shifts, underscore the enduring social changes and economic challenges faced by individuals navigating the aftermath of the policy's reversal.
Employment Challenges and Skills Mismatch: Addressing Economic Disparities
The episode sheds light on the mismatch between skills and job market demands in China, highlighting high youth unemployment rates and evolving employment landscapes. Despite the growing number of available jobs, issues such as lack of internships and limited practical experience present obstacles for Chinese students entering the workforce. The necessity for enhancing business acumen, passion, and adaptability is underscored as essential for bridging the skills gap and driving economic growth.
Innovation and Technological Advancements: China's Economic Transformation
A focus on China's strides in technological innovation and entrepreneurship emerges, emphasizing the nation's prowess in business model innovations and practical solutions. Examples like renewable energy technologies and electric vehicles showcase China's advancements in key sectors. The episode underscores China's capacity to drive innovation and economic growth through strategic initiatives and investment in cutting-edge technologies.
Institutional Reforms and Economic Development: The Role of Leadership
The importance of institutional reforms in fostering economic growth and innovation is underscored, particularly in enhancing financial systems and supporting private businesses. The episode highlights key figures like Premier Li Keqiang and the need for reforms to nurture a dynamic financial ecosystem. The concept of peaceful progress as essential for China's economic aspirations is reinforced, signaling a delicate balance between economic development and political adaptability.
Global Challenges and Prospects: Navigating Uncertainties in US-China Relations
The episode concludes by addressing the global implications of US-China relations and the potential risks of escalations. Discussions on the prospects for peaceful resolutions amidst nationalistic sentiments and geopolitical tensions highlight the critical need for dialogue and understanding between both nations. The complex dynamics of economic growth, technological advancements, and political stability underscore the intricate path ahead for China's evolving role on the world stage.
In this episode we're joined by renowned economist and China expert Keyu Jin to ask whether the West really understands it's biggest geopolitical and economic rival?
Keyu Jin was born in China and educated in the United States. She's now a professor of economics at the London's LSE and author of The New China Playbook which seeks to dispel myths about China's economy and people. You may remember her from our 2019 debate ‘China: Friend or Foe?’ and she joins us again today with Gideon Rachman, Chief Foreign Affairs commentator for the Financial Times.
This podcast was Recorded on the 12th of May 2023 in London and was co-produced by Senior Producer Conor Boyle and the The Rachman Review podcast team at the Financial Time. Editing was by Executive Producer Rowan Slaney.
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