First published: Financial Times, 26 September 2025
China’s industrial policy is not well understood. The fiscal price tag, highlighted in the latest IMF report that Alphaville covered on Tuesday, is eye-poppingly large at around 4.4 per cent of GDP. And the Fund reckons it costs the country a further 2 per cent points of GDP each year in lost productivity. The impact of Chinese industrial policy on the world economy is so large that Donald Trump’s tariffs are, by comparison, a minor nuisance. Read on….https://www.ft.com/content/0b32d65b-6963-4e07-bb75-648ff8652a55
