Inflection Point China's Old Economic Model Is Dying | Leland Miller
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Oct 4, 2023 Leland Miller, CEO of China Beige Book, discusses the death of China's old economic model. They debunk the misconception of China's imminent collapse, explore China's economic growth expectations vs reality, analyze China's inflation data, discuss China's economic model and its impact on the global economy, explore the possibility of decoupling the economic activity between the United States and China, and discuss trade tariffs on steel imports from China.
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China's Financial System
- China's non-commercial financial system, controlled by the government, prevents Lehman-like moments.
- However, this system leads to lower productivity and slower growth in the long run.
China's Shifting Growth Model
- China's old growth model, reliant on property sector boosts, is dying.
- Xi Jinping is shifting towards slower, healthier growth, prioritizing long-term stability.
Xi Jinping's New Social Compact
- Xi Jinping is redefining China's social compact, prioritizing common prosperity and stability over rapid growth.
- This shift explains the lower growth and economic data adjustments.