Lex Fridman Podcast #477 – Keyu Jin: China’s Economy, Tariffs, Trade, Trump, Communism & Capitalism
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Aug 13, 2025 
Keyu Jin, an economist and author of The New China Playbook, discusses the evolving landscape of China's economy and its fusion of socialism and capitalism. She challenges common misunderstandings about China, emphasizing the complexity of its decentralized economic structure and the influence of local leaders. Jin explores the intense competition driven by cultural values and critiques the traditional metrics of success, urging a holistic perspective. The conversation also touches upon the unintended consequences of U.S. trade policies and Taiwan's key role in global semiconductor production.
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Decentralized 'Mayor Economy' Drives China
- The Chinese economy is decentralized and driven by local officials and entrepreneurs rather than a single person.
- Keyu Jin calls this the "mayor economy," which fuels innovation and growth through local competition.
Capitalism With Socialist Social Fabric
- China is economically very capitalist with fierce competition and profit motivation across firms and consumers.
- Social structures remain socialist with state-owned enterprises and communal social programs coexisting with markets.
Personal Memory Of Meritocratic Exams
- Keyu Jin recounts standardized exams and public ranking that drove meritocratic selection for decades.
- She warns meritocracy is eroding as connections increasingly influence job outcomes.
