The China in Africa Podcast

[GLOBAL SOUTH] Michael Pettis Explains How China's Changing Economy Will Impact the World

Oct 10, 2023

Guest Michael Pettis, a Senior Fellow at the Carnegie Endowment for International Peace, discusses the impact of China's changing economy on the Global South. Topics include China's weakened economy post-pandemic, the property crisis, and the effect on local government finances. Pettis also explores China's economic policies, high savings, and the role of the RMB in the global economy. The podcast touches on manufacturing trends, interdependency with the US, biases on social media, and the launch of the China Global South project.

01:11:25

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Episode guests

Michael Pettis

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Quick takeaways

China's involvement in the Middle East and its relationship with Iran could be affected by its handling of the Israeli-Palestinian conflict, impacting its reputation in the region.

Kenyan President William Ruto's visit to China for debt rescheduling and new loans may be uncertain due to Kenya's debt distress, Ruto's lack of China experience, and China's own debt issues.

China's development model, emphasizing high levels of investment funded by domestic savings, has driven its economic growth but poses challenges in managing surplus savings and external investments.

Deep dives

China's Role in the Middle East Conflict

China's increasingly ambitious diplomatic agenda in the Middle East and close ties with Iran are at stake amidst the Israeli-Palestinian conflict. China's handling of the situation could impact its reputation in the region, particularly with Israel and Saudi Arabia. China's involvement and influence in the Middle East are being closely watched as it navigates its relationship with Iran and the region's complex dynamics.

Introduction

2min

China's Involvement in the Middle East & Chinese Loans to Kenya

11min

Differences in China expertise between larger governments and African embassies in Beijing

2min

China's Economic Policies and High Savings

27min

De-dollarization and the Role of the RMB in the Global Economy

10min

China's Manufacturing Strength and Concerns for the Future

14min

Response to Videos on China's High-Speed Railway and New Energy Ideas in Africa

2min

Discussion on Algorithms, YouTube Channel, and China Global South Project

2min

China's economy emerged from the pandemic much weaker than before. Unemployment is up, exports are down and a burgeoning property crisis is having a devastating impact on local government finances.

These changes in the economy are happening very fast, so quickly that's it difficult for experts to keep pace with what's happening, much less among those who don't closely follow Chinese economic trends -- particularly in developing countries.

Michael Pettis, a senior fellow at the Carnegie Endowment for International Peace, is one of the world's foremost scholars on the Chinese economy. He joins Eric this week to discuss how the dramatic changes that are now taking place in China will impact countries throughout the Global South.

SHOW NOTES:

Amazon: Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace: https://amzn.to/46Iiqel

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