the_dunk_tank

It's not actually the worst economist article I've ever read

Instead Mr Xi wants state power to accelerate advanced manufacturing industries, which will in turn create high-productivity jobs, make China self-sufficient and secure it against American aggression. China will leapfrog steel and skyscrapers to a golden era of mass production of electric cars, batteries, biomanufacturing and the drone-based “low-altitude economy”.

Not only will China escape dependence on Western technology, but it will control much of the key intellectual property in new industries and charge rents accordingly. Multinationals will come to China to learn, not teach.

However, Mr Xi’s plan is fundamentally misguided. One flaw is that it neglects consumers. To restore confidence amid the property slump and thereby boost consumer spending requires stimulus.

A legitimate problem hence the approach to dual circulation

To induce consumers to save less requires better social security and health care, and reforms that open up public services to all urban migrants.

This is also true - China's healthcare system is grim (thanks ) and the hukou system is in dire need of reform. But the healthcare system has been steadily improving since 2012 and particularly with Covid. There is also talk of hukou reform but this would be very significant and not something to undertake before the real estate market has been stabilised.

"Sure, China is becoming a global superpower and displacing the US, but at what cost!?"