This book impressively crams thousands of years of Chinese history (and a bit of Chinese pre-history) into 252 pages. It marches through chronologicalThis book impressively crams thousands of years of Chinese history (and a bit of Chinese pre-history) into 252 pages. It marches through chronologically with chapters for each dynasty and their modern-day equivalents.
In the introduction Linda Jaivin announces, "In writing a short history, a wise person might focus on a few key themes or personalities. I'm not so wise. Faced with deciding between key individuals, economic and social developments, military history, and aesthetic and intellectual currents, I chose... everything." And it mostly works. It never feels like The Long March but it does sometimes feel like a march with what feels like every Emperor name checked in some way along with many of their wives, concubines, and children. Plus every writer, artist, thinker and more. But it also does all basically fit together and help connect a lot of dots that I already knew.
I also appreciated that the author was genuinely immersed in Chinese history and culture and not just tossing the book off on a lark. There was a precision to the descriptions of language, the debates over issues (e.g., Confucius) that worked really well.
An indispensable guide to China's economy: the reforms that made it what it is today, the challenges it still faces, and defenses against the many criAn indispensable guide to China's economy: the reforms that made it what it is today, the challenges it still faces, and defenses against the many criticisms the Chinese economy has gotten from abroad. Keyu Jin writes with one foot in two worlds. She is Chinese but educated as a visiting student in the United States and currently divides her time between London where she teaches at the London School of Economics and Beijing. These two worlds, plus a deep grounding in economic research, help convey her enthusiasm and sympathy of the Chinese economy in a way that is maximally designed to be understood and convey the sympathy to a Western audience. Jin has lots of criticisms of the economic model--mostly in the "more reform needed" mode--but on some fundamental issues proximate to politics you get the sense that she would not deviate from the party line, so to speak.
The first part of the book is a good summary of how China emerged as a global power. Jin gives some credit to China pre-1978 which greatly expanded literacy and reduced child mortality. But the story is really about a series of reforms that were based on the notion of gradualism (Deng's phrase, "crossing the river by groping for the stepping stones."), going from agriculture to Special Economic Zones (SEZs) to increasing competition and accountability for State Owned Enterprises and finally opening up to trade. Later in the book she describes the current set of reforms, including greater openness to capital.
Jin argues that the heavy role of the state worked well in China because, "it purposefully seeks to offset the rigidities of a central authority and its institutional deficiencies by giving tremendous economic authority and autonomy to local governments." So competition by local governments with leaders measured by GDP (and broader criteria now) and promoted accordingly helped ensure that national strategies were being effectively implemented.
Jin has a lengthy and interesting discussion of the financial system, including the puzzle of the very low return and high volatility to Chinese-listed equities, the underdevelopment of capital markets and financial institutions, and the concerning rise of shadow banking, including Wealth Management Products and Local Government Financing Vehicles. All of this built atop a system in which property is a disproportionately large share of GDP, source of revenue for local government, and a potential bubble, at least in first tier cities. Although she is relatively critical and points to the need for reforms, she also is defensive (likely rightly so) about the government's assets and capacity to defend against a financial crisis.
The technological discussion is interesting too and also at times critical, including of the share of Chinese going to college, the overemphasis on rote memorization and quantity over quality, and the lack of openness--all of which is getting in the way of progress.
In one of the places where I query whether was are getting the full story she presents the Chinese attack on big tech as entirely principled, "After numerous cases of data abuse, the government made a dramatic move in 2021 by introducing new restrictions on certain big tech, education, and gaming companies. These include fines for the most well-known internet companies in China: the e-commerce giant Alibaba, delivery and shopping platform Meituan, and ride-sharing company Didi."
Finally, Jin's conclusion is optimistic but tempered by some concern, "does China have the soft power—the transparency, predictable policies and reliable mechanisms, and trust from the international system?"
Overall, would strongly recommend this book both to better understand the Chinese economy (and to a lesser extent Chinese society, particularly the more affluents parts of it in the major cities) and also to understand China's perspective on what it is doing both internally and globally. I particularly appreciated the ways in which it was grounded in a combination of personal experience and rigorous economic research, all conveyed in a highly accessible and engaging manner....more
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