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Is the West Getting China Wrong? - Keyu Jin & Gideon Rachman | Intelligence Squared

Intelligence Squared・39 minutes read

Keu's new book discusses dispelling myths about China, highlighting generational differences and concerns over US-China tensions and potential collaboration, focusing on China's economic growth, new generation, education system, and government policies. The text emphasizes the importance of addressing the new generation's concerns, economic consequences of policies like banning private tutoring, and China's advancements in technology, innovation, and renewable energy.

Insights

  • China's new generation is characterized by being more open-minded, diverse, and socially conscious, in contrast to their parents' generation, impacted by the one-child policy's social and economic consequences, leading to a highly educated yet overburdened and lonely population.
  • The Chinese government's swift and radical policy decisions, such as the ban on private tutoring, aim to address concerns of the new generation, with a focus on adapting to a service-based economy, promoting common prosperity, and restoring confidence in entrepreneurs, showcasing a dynamic and evolving relationship with the private sector amidst a multifaceted US-China technology competition.

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Recent questions

  • What is the focus of Keu's new book?

    Dispelling myths about China and generational differences.

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Summary

00:00

"China's Generational Shift: Myths and Realities"

  • The discussion took place on May 12th, focusing on Keu's new book, "The New China Playbook," aiming to dispel myths about China and highlight differences between generations.
  • Keu, an economist and professor, was born in Beijing, raised in the US, and advises the China Banking Regulatory Commission on fintech.
  • The tension between the US and China is concerning, with potential for collaboration but hindered by misunderstandings and differing worldviews.
  • China's economic growth since the 1980s has been remarkable, transitioning from poverty to prosperity, witnessed by Keu's generation.
  • The new generation in China differs significantly from their parents' generation, being more open-minded, diverse, and caring about social issues like the environment.
  • The one-child policy has had profound social and economic consequences, leading to a highly educated but overburdened and lonely generation.
  • Despite China's economic growth, there is a mismatch between job vacancies and graduates' skills, highlighting the need for a shift in the education system.
  • Reduced expectations and high investment in education have led to demoralization among families and graduates, impacting social stability.
  • The rise of the "lying flat" phenomenon reflects a new generation that is less ambitious, more relaxed, and prioritizes work-life balance over intense competition.
  • The Chinese government is focusing on addressing the concerns of the new generation, expanding vocational schools and adapting to the changing workforce dynamics.

14:59

China's Economic Shift and Social Changes

  • China aims to educate and equip the new generation with skills suitable for a service-based economy, shifting focus from manufacturing.
  • Policies implemented to reduce pressure on individuals, including making private tutoring illegal overnight due to excessive financial burden and competition.
  • The sudden ban on private tutoring aimed to create a more harmonious society, despite severe economic consequences initially.
  • Chinese government's radical moves, like banning private tutoring, are meant to signal change and are often gradually rolled back for fine-tuning.
  • The Chinese government's swift decision-making contrasts with Western governments' slower pace, allowing for quick implementation of policies.
  • Aging population is not seen as the primary cause of China's economic slowdown; focus is on deploying a productive labor force and adapting to modern technologies.
  • Property bubble in China, particularly in cities like Shanghai, driven by pent-up demand and limited investment options, unlike Japan's bubble collapse.
  • High property prices in China lead to creative ways to circumvent restrictions, like using divorce to purchase additional properties.
  • Meritocracy erosion in China poses a challenge, but young Chinese remain optimistic about the system's ability to provide opportunities.
  • Shift in sentiment towards the West among young Chinese post-2017, influenced by political events and tensions between the US and China.

29:50

China's Evolving Business Landscape: Jack Ma's Story

  • Jack Ma, a prominent figure in Chinese business, faced government disapproval and is now teaching in Tokyo.
  • The Chinese government's relationship with dynamic business elements is complex and constantly evolving.
  • President Xi's focus on common prosperity aims for equitable growth and an olive-shaped income distribution.
  • Sweeping regulatory actions impacted technology companies and private businessmen like Jack Ma, affecting the economy.
  • The Chinese government is learning the economic consequences of its policies and the importance of credibility and commitment.
  • The private sector drives China's economy, with the government now working to restore confidence in entrepreneurs.
  • China excels in practical innovations like business models and applications, catering to developing countries' needs.
  • China's advancements in EVs and renewable energy showcase its innovation capabilities and state support.
  • The US-China technology competition is multifaceted, with China's innovation ecosystem driving unexpected growth.
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