Plain English with Derek Thompson How China's Economic Miracle Went Off the Rails
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Nov 28, 2023 In this engaging discussion, Dan Wang, a writer and expert on the Chinese economy and technology, delves into China's economic transformation and its implications for the world. He highlights the stark contrasts between China's rapid growth and its current economic challenges, including high youth unemployment. Wang also emphasizes China’s dominance in the electric vehicle and renewable energy sectors, while critically examining its struggles in the semiconductor industry. The conversation sheds light on the interplay between China's authoritarian governance and its quest for innovation.
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China's Divergence
- China's economic growth after 2008 was rooted in a purposeful divergence from Western models.
- They doubled down on political authoritarianism and centralized power, prioritizing traditional manufacturing.
Overbuilding in Guizhou
- Dan Wang cycled through Guizhou province, observing China's overbuilding, including numerous underused airports and excessive bridges.
- This contrasts with America's housing under-construction.
Youth Unemployment and Gloom
- China's youth unemployment rate, now censored, reflects real economic gloom among young people.
- Many are choosing to move overseas due to economic uncertainty and political centralization.