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Open QuestionsBai Chongen on China’s new economic paradigm and closing the US tech gap
Top economist explains how China has less in common with 1990s Japan than many think – and why talk of Chinese overcapacity is often ‘imprecise’
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Bai Chongen is a prominent Chinese economist and government adviser. He is the dean of Tsinghua University’s School of Economics and Management and serves concurrently as vice-chairman of the All-China Federation of Industry and Commerce. From 2015 to 2018, he was a member of the Chinese central bank’s monetary policy committee.
Here, he discusses how China can avoid “Japanification”, what Beijing can do to help cultivate the next Elon Musk, and why the “China shock 2.0” phenomenon is often misunderstood.
This interview first appeared in SCMP Plus. For other interviews in the Open Questions series, click here.
Many are drawing parallels between China’s current economic malaise – a real estate crisis, stagnant consumer prices, a shaky job market – and Japan’s “lost decades”. How do the situations compare?
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