5 korrents from this piece
Every claim below was made in this piece, quoted word for word and numbered in the order the piece makes them, so you can read it there rather than take our word for it. The sentence above each quote is our reading of the claim, not their wording. Each quote was checked against a stored copy of the page at build time; where the two differ, the quote is the fact.
Our reading
The second China shock is landing on Europe, where the first one landed on the United States.
Their wordsIn China shock 1.0 the key target was the US. In China shock 2.0 it is Europe.
Their wordsThe original point of the China Shock 1.0 discourse was not to foreground the unfairness of Chiense competition, so much as the malfunctioning of US policy and societal institutions in the face of concentrated globalization shocks.
Their wordsChina shock 2.0 threatens high status manufactured goods: European cars and engineering.
Their wordsWhat China is delivering in the 2020s is an industrial policy shock of global scale.
Their wordsIt wasn’t just the West that drew conclusions from China shock 1.0. Beijing learned from China Shock 1.0 too.