When I interviewed Jin a couple of weeks ago I asked whether she had pulled punches to avoid offending China’s leadership. “I don’t talk about political issues,” she said. “To be frank, this is an economics work.” She added: “Perhaps it would be helpful for Americans to be aware that in China, the problems are overwhelmingly domestic. Chinese are not always thinking about America.”
To me, her freshest chapter is about China’s “mayor economy.” China aspires to have a meritocratic bureaucracy (although corruption remains serious). Officials who excel at one level are moved up or transferred laterally to gain experience. For comparison, imagine if Ron DeSantis tried to please President Biden so Biden would promote him to governor of California from governor of Florida.
Political leaders at the township, municipal and provincial levels used to focus on raw output, relying on state-owned enterprise to churn out more steel, cement and so on. But now, in Jin’s view, these “mayors” are focused on harnessing the creativity of the private sector.
But, I asked Jin, isn’t President Xi Jinping trying to reassert government control over the “commanding heights” of the economy? “Don’t read too much into grandiose messages,” she responded. “The reality today is that the private sector is fully in the driver’s seat.” The best evidence of that is the Chinese economy’s slow rebound from its Covid shutdown, she said. “The reason it’s sluggish is precisely that there’s a lack of confidence in the private sector,” she said. “The old playbook of calling on Team China to do large infrastructure, that is no longer working.”
I asked her about Chinese leaders’ fears of a disengaged “lying flat” generation. It’s real, she said: “Lying flat is associated with few marriages and reduced expectations.” On the other hand, she said, young Chinese aren’t exactly giving up; they just don’t want to do manual labor or other unappealing work: “They’re interested in innovating to solve society’s problems, not just survival of the fittest.”