The New China Playbook by Keyu Jin, Beijing Rules by Bethany Allen and Beijing’s Global Media Offensive by Joshua Kurlantzick
Jin describes how shifting priorities are driving a new model of development that will no longer pursue economic growth at all costs. And she examines the benefits as well as the drawbacks of China’s unique blend of the state and the market economy and its balance between communalism and individualism.
Jin notes that while the Industrial Revolution improved living standards by 75 per cent over a lifetime, many Chinese people can expect their standard of living to rise by 7500 per cent. The Chinese economy has grown by an average of 9.5 per cent a year for the past four decades, compared with an average of 4 per cent a year in the United States during its period of fastest economic growth in 1920-1970.
As mobile phone payments have become ubiquitous, there are more digital payments in China every day than in the US in an entire year. Online food delivery is 10 times more common, shared bike rides 300 times more so and before the pandemic, one in four retail transactions in China were online compared to one in 10 in the US.
“To reflect what the people want, rather than what the states think they should want, paternalism must give way to greater political representation for all. New mechanisms will need to supplant old ones, but they are not yet part of the new playbook. And thus, in an age of unprecedented challenges, the ultimate test is whether China’s political economy system can continue to adapt to the shifting landscape.
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