Keyu Jin is a Chinese economist and an associate professor of economics at the London School of Economics. She is also a World Economic Forum Young Global Leader and a board member of Credit Suisse and Richemont Group. She specializes in international macroeconomics and the Chinese economy. Keyu has written a book and several articles about the Chinese economy and its relation to the world. She claims that many people in the West have misunderstandings and misconceptions about China’s economic growth and model, and that these misunderstandings are making it harder to manage China’s rise and avoid future conflict. Some of the main points that she makes are:
- China’s economy is not a simple copy of the Western capitalist system, but a unique hybrid of socialism and capitalism that reflects China’s historical and cultural context. China has a state-led model of capitalism that relies on massive state-owned enterprises, heavy industrialization, and strategic investments in emerging sectors such as artificial intelligence, biotechnology, and green energy.
- China’s economy is not a threat to the world, but a source of opportunities and cooperation. China’s growth has lifted hundreds of millions of people out of poverty and contributed to global economic stability and development. China is also a leader in innovation and technology, and has a strong interest in addressing global challenges such as climate change, pandemics, and inequality.
- China’s economy is not a monolith, but a dynamic and diverse reality. China’s economy is composed of different regions, sectors, and groups that have different levels of development, performance, and preferences. China’s economy is also undergoing constant changes and reforms, as the government tries to balance the trade-offs between growth and stability, efficiency and equity, and openness and control.
Keyu Jin argues that in order to understand China’s economy better, one needs to go beyond the stereotypes and biases that often cloud the perception of China in the West. She suggests that one should adopt a more nuanced and empathetic approach that takes into account China’s history, culture, and aspirations, as well as the complexities and contradictions of its reality. She also calls for more dialogue and engagement between China and the West, based on mutual respect and trust, to foster a more constructive and cooperative relationship.