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The New China Playbook
“Keyu Jin is a brilliant thinker.” —Tony Blair, former prime minster of the United Kingdom A myth-dispelling, comprehensive guide to the Chinese economy and its path to ascendancy. China's economy has been booming for decades now. A formidable and emerging power on the world stage, the China that most Americans picture is only a rough sketch, based on American news coverage, policy, and ways of understanding. Enter Keyu Jin: a world-renowned economist who was born in China, educated in the U.S., and is now a tenured professor at the London School of Economics. A person fluent in both Eastern and Western cultures, and a voice of the new generation of Chinese who represent a radical brea...
Summary of Keyu Jin's The New China Playbook
Buy now to get the main key ideas from Keyu Jin's The New China Playbook China’s economic rise has reshaped the global landscape, yet Western perceptions of the country often lack depth and nuance. The New China Playbook (2023) is an in-depth analysis of China’s unique economic, social, and political landscape. Keyu Jin, an economist born in China and educated in the US, challenges Western assumptions about China’s development. She covers China’s transition from poverty to prosperity, the rise of private enterprises, and the complex relationship between state-owned and private firms. Jin addresses both the challenges of China’s financial system and the country’s technological advancements, emphasizing the importance of understanding China’s unique dynamics.
Summary of Keyu Jin's The New China Playbook
Get the Summary of Keyu Jin's The New China Playbook in 20 minutes. Please note: This is a summary & not the original book. "The New China Playbook" by Keyu Jin offers an in-depth analysis of China's unique economic model, which blends state and market forces. Jin, an economist with insights from both China and the West, challenges Western assumptions about China's economy, highlighting its rapid growth and innovation despite weak legal systems and corporate governance. The book examines the interactions between households, businesses, and the state, emphasizing the importance of understanding China's cultural, historical, and social context...
A nova China: para além do capitalismo e do socialismo
A nova China é um guia imprescindível para a compreensão da economia chinesa e de sua ascensão. A despeito da visão ocidental e das reiteradas previsões de um colapso iminente, a China desenvolveu um modelo próprio alinhado a seus objetivos, suas condições e sua cultura. Uma abordagem que desafia conceitos convencionais e vem demonstrando resultados há décadas. Com um pé em cada parte do mundo — nascida na China, formada nos Estados Unidos e lecionando na Inglaterra —, a renomada economista Keyu Jin desvenda, aqui, o enigma chinês. Do seu mercado consumidor ao desenvolvimento de grandes empresas, da atuação do Estado à inserção na economia global, Jin descreve os passos que levaram seu país à formação de um novo paradigma econômico mundial. A nova China mostra que é possível conciliar o que pode parecer contraditório aos olhos ocidentais. É um relato esclarecedor sobre uma potência mundial em crescimento, sobre seu passado e seu potencial futuro. Um guia essencial para viajantes, agentes de negócios e todos os que almejam ter uma visão atualizada a respeito de uma das maiores potências mundiais.
Credit Constraints and Growth in a Global Economy
In a period of rapid integration and accelerated growth in emerging markets, three striking trends have been (1) a divergence in the private saving rates of emerging markets and advanced economies, (2) large net capital outflows from emerging markets, and (3) a sustained decline in the world interest rate. This paper shows that in a multi-period OLG model, the interaction between growth and household credit constraints -- more severe in emerging markets -- is able to account for all of the above facts. We provide micro-level evidence that corroborates our mechanism: saving behaviors across age groups in the U.S. and China are broadly supportive of the predictions of the model.
China's New Sources of Economic Growth: Vol. 2
China’s efforts in searching for new sources of growth are increasingly pressing given the persistence of the growth slowdown in recent years. This year’s book elucidates key present macroeconomic challenges facing China’s economy in 2017, and the impacts and readiness of human capital, innovation and technological change in affecting the development of China’s economy. The book explores the development of human capital as the foundations of China’s push into more advanced growth frontiers. It also explores the progress of productivity improvement in becoming the primary mechanism by which China can sustain economic growth, and explains the importance of China’s human capital inv...
Misallocation Under Trade Liberalization
This paper incorporates firm-level distortions into a Melitz model and characterizes welfare under misallocation. We derive an analogue to the well-known ACR result in an economy with distortions. We highlight a channel through which trade can reduce welfare by exacerbating misallocation. A key statistic to infer welfare is the gap between input and output shares. Using Chinese manufacturing data for quantitative analysis, we show that trade integration can lead to a 18% welfare loss coming from a reduction in allocative efficiency. The overall gains to trade is substantially smaller than implied by standard calculations.
The One-child Policy and Household Savings
We ask how much the advent of the 'one child policy' can explain the sharp rise in China's household saving rate. In a life-cycle model with endogenous fertility, intergenerational transfers and human capital accumulation, we show a macroeconomic and a microeconomic channel through which restrictions in fertility raise aggregate saving. The macro-channel operates through a shift in the composition of demographics and income across generations. The micro-channel alters saving behaviour and education decisions at the individual level. A main objective is to quantify these various channels in the data. Exploiting the birth of twins as an identification strategy, we provide direct empirical evidence on the micro-channel and show its quantitative relevance in accounting for the rise in the household saving rate since the inception of the policy in 1980. Our quantitative OLG model can explain from a third to at most 60% of the rise in aggregate saving rate; equally important is its implied shift in the level and shape of the age-saving profile consistent with micro-level estimates from the data.
The New China Playbook
Financial Times Best Summer Books of 2023 'Essential reading' Tony Blair A revelatory, myth-dispelling exploration of China's juggernaut economy Although China's economy is one of the largest in the world, Western understanding of it is often based on dated assumptions and incomplete information. In The New China Playbook, Keyu Jin burrows deep into the mechanisms of a unique system, taking a nuanced, clear-eyed, and data-based look inside. From the far-reaching and unexpected consequences of China's one-child policy to the government's complex relationship with entrepreneurs, from its boisterous financial system to its latest push for technological innovation, Jin reveals the frequently mis...
