The State of China, with Adam Tooze, Qing Wang, and Zichen Wang — Moderated by Finbarr Bermingham of SCMP
Jan 30, 2025
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In this lively discussion, Adam Tooze, an esteemed economic historian, joins Qing Wang, a dynamic host of 'The Weirdo' podcast, and Zichen Wang, a research fellow with deep insights into China's economic landscape. They dive into China's evolving relationship with the U.S. post-election, explore shifting consumer behaviors, and dissect China's ambitious industrial strategies. Notably, they address the challenges of the social safety net and the importance of national pride in how Chinese companies are perceived globally.
Chinese perceptions of U.S. elections vary, reflecting a complex interplay between preferences for political stability and the unpredictability of leadership.
The disillusionment among young Chinese women regarding U.S. leadership underscores broader societal concerns about gender equality and global masculinity.
Deep dives
Chinese Perspectives on U.S. Elections
Chinese policy perspectives on U.S. elections vary significantly, with no consensus emerging about a preferred candidate. While some believe China may prefer Trump due to the perceived unpredictability of his leadership, others argue that stability is more beneficial for China’s interests. Analysts emphasized that China seeks a mutually beneficial relationship with the U.S., reflecting a desire for consistency in diplomatic ties rather than chaos. As Trump's potential presidency looms, there is speculation about how factors such as his relationships with influential figures like Elon Musk could impact future China-U.S. relations.
Gender Dynamics and Societal Impacts
Gender politics play a crucial role in shaping Chinese public opinion towards international events, particularly U.S. elections. Young women in China express disappointment over the perceived regressive nature of U.S. leadership, viewing the election results as a setback for women's rights globally. This demographic's response highlights a growing concern regarding global masculinity and its implications for gender equality. The disillusionment amongst the youth reflects broader societal anxieties and a desire for progress, sharing similarities with movements seen worldwide.
Economic Shifts and Policy Challenges
China's approach to economic policy is increasingly focused on stabilizing its domestic situation while engaging in global markets. The discussion emphasized that China is navigating intricate local government dynamics, with many local authorities struggling financially due to a reliance on land sales. The central government's efforts to stimulate the economy through fiscal measures, while addressing the pressing needs of its vast population, face significant challenges. Overall, there is a recognition that China's policies aim more at securing a conducive internal environment for development rather than pursuing dominance on the global stage.
Public Sentiment Towards Consumption Practices
Chinese consumers are becoming more selective in their spending, reflecting a shift towards more rational and strategic consumption habits amidst an economic downturn. The trend of 'lying flat' is emerging, wherein many young people are opting for simpler lifestyles, often motivated by feelings of disillusionment related to job markets and economic pressures. This cultural shift indicates a desire for balance and restraint rather than mere consumption for its own sake. The changing attitudes towards spending suggest a broader re-evaluation of societal values and priorities among younger generations.
Happy Chinese New Year! This week, while I'm decompressing from 10 days in the Alps, my friends at the Asia Society of Switzerland have graciously offered to let me share a podcast recorded just after the U.S. presidential election in November at their annual State of Asia event. "The State of China" features three terrific guests: Wang Qing (王卿), the host of the popular Chinese podcast "The Weirdo" (不合时宜), Zichen Wang of the Center for China and Globalization, and Adam Tooze, one of the truly great public intellectuals of our time. It's all skillfully moderated by the South China Morning Post's Europe editor, Finbarr Bermingham, and it covers a lot of ground.
I'll be back next week in conversation with my dear friend Jeremy Goldkorn, and we'll be asking (and answering) the big question — Are we in the middle of a narrative shift on China?
May the Year of the Snake be prosperous and full of happiness and success for all you Sinica listeners!