Economist specialising in China's economy, international macroeconomics and global trade, and author of The New China Playbook.
Keyu Jin did not write this page.
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Their wordsAnother big misunderstanding, and a fundamental one, is that people somehow think that the state suppresses the private sector. It’s not at all as simple as that. For the most part, if we look at the local government’s incentive system, they want to help the best, private companies, which are the most promising, because it makes them look good.
Their wordsAnd what’s more, you use your leverage once, and that leverage has a half-life. It becomes a lot less effective the second time around because other countries, other companies are going to try to substitute away. If China uses the rare earth leverage, which I think it is now a little bit, there will be alternatives and substitutes.
Their wordsDo you want technological supremacy and radical breakthroughs? Well, yes. If you do, then you have to tolerate that there are going to be some people who are just going to be uncomfortably rich, like in the United States. You can’t say that you detest the financial system for its greed, but then not accept the fact that it is what fuels innovation, right?