First aired: Gresham College, London, 3 November 2025
This is a lecture given at Gresham College, in which I look at how China’s economy evolved to be what it is today, and the dichotomy between a dynamic modern sector with global brands and many technological successes and much potential, and 80-85 per cent of the economy, which is struggling with macroeconomic imbalances and headwinds, misallocation and debt capacity limits, and weaknesses in several other areas including governance. Both sets of circumstances can be linked to the government’s pursuit of industrial policy on an unprecedented scale, in which China spends more than any country in the world does on its own defence. How will this all resolve, and what implications are there for the rest of the world? Check out the video………https://www.youtube.com/live/tw5RuOJ3b6s?si=0IwZnQ48Pa43bXOu
