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Open QuestionsNobel-winning economist Michael Spence on China’s future in a tech-driven world
- Michael Spence discusses impact of the US-China rivalry on global trade and the future of China’s economy
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Economist Michael Spence is the Philip H. Knight professor of management and dean emeritus at Stanford University’s Graduate School of Business and an honorary fellow of Magdalen College at Oxford University. In 2001, he received the Nobel Prize for his work in the field of information economics. He is also a senior adviser to investment management firm Jasper Ridge Partners and growth equity firm General Atlantic Partners, as well as a board member of Singapore-based fintech group Surfin.
In this latest interview in the Open Questions series, Spence covers what China’s economy might look like in a tech-dominated future, the impact of growing trade tensions and the role of artificial intelligence (AI) in day-to-day life. This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here.
You’ve mentioned “partial” decoupling and fragmentation of the world in the context of the US-China rivalry. How do you envision the future of the Chinese economy? If China is not the “world’s factory” as in the past, due to shifts in the global supply chain, what will its role be?
There is no replacement for China at the moment, and it will take some considerable time before we’re willing to say that China is not the world’s factory.
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