The New China Playbook

March 1, 2022

A London School of Economics professor and adviser to the China Banking Regulatory Commission, born in China and U.S.-educated Jin offers a far-reaching picture of how China became a world financial power, focusing on the radical break from mostly state-owned enterprises that led to the current entrepreneur-driven economy. She also looks to the future as she presents China as an economic model for the world.

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March 27, 2023
Americans’ misunderstanding of China’s economic growth keeps the two nations in unnecessary conflict, argues Jin, a professor at the London School of Economics, in her thoughtful debut. “Consumers, entrepreneurs, and the state: in China none of them behaves like a conventional economic agent,” she argues, suggesting that China’s economy works through a distinctive interplay between a powerful central state and an ascendant private sector. Digging into the history of China’s recent economic boom, she tells how in 1978 Deng Xiaoping, China’s supreme leader, instituted reforms moving the country away from Soviet-style central planning toward a market economy, inaugurating a system in which the state retained wide-reaching powers that allowed it to bolster the fledgling economy. Jin emphasizes the success of China’s hybrid model, noting that reforms lifted hundreds of millions of citizens out of poverty, but she sometimes comes across as overly sanguine, as when she discusses polls that suggest Chinese citizens overwhelmingly have positive views of their government without noting whether this holds for, say, Uyghur people oppressed by the state. Still, she makes clear that the Chinese economy is far more complex than U.S. discourse lets on, and she offers an astute take on how the Chinese state cooperates with and intervenes in the private market. This elevates the conversation on U.S.-China relations.

April 1, 2023
A respected academic provides a nuanced examination of China's past, present, and future. China has always been difficult for many Westerners to understand, but the issue has become increasingly crucial as the country's global role has grown. Jin, who grew up in China and retains strong connections there, was educated in the U.S. and is now a professor at the London School of Economics. With this background, she is well qualified to play the role of cultural interpreter. She has a special interest in the problems now emerging in China as the society struggles to move from an unremitting focus on economic growth to quality-of-life and equity issues. Jin notes that China's transition from an impoverished, rural country to a wealthy, urbanized society has been remarkably fast. The private sector has driven the growth, especially in the past two decades, but the government remains firmly in control, with a complex system of incentives, rules, easy credit, and government-owned enterprises. The author traces key policies since the time of Deng, and she delves into the impact of the "one-child policy," an area often overlooked by armchair commentators. For the most part, the Chinese people are willing to accept government direction, including a high degree of personal surveillance and intervention in their lives. They value security over freedom and generally believe that China requires a powerful central authority. Significantly, the younger generation is in many ways more conservative than their parents despite their taste for Western brands and lifestyles. Jin acknowledges China's incredible progress but wonders what the future holds. "China's central leadership, which spurred the most successful economic growth story of our time, could also make choices that might have the opposite effect in the future," she concludes. "The power of the state provides the system's greatest potential and also poses its gravest inherent risk." Mixing research with personal experience, Jin offers critical insights about the future of China and its global impact.

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