CHINA IS ECONOMICALLY LEAPFROGGING THE WEST, HOW?
https://x.com/afshinrattansi/status/2015838822911910027
CHINA
IS ECONOMICALLY LEAPFROGGING THE WEST, HOW?
‘China has made absolutely extraordinary gains in renewable energy production and EV production and high speed rail production, absolutely leapfrogging what the US
and Western Europe have been able to achieve.
Now this is remarkable. This is causing people in Washington and London to scratch their heads like how did China manage to do this?
The reason is because China has public control over the financial system and so it can align finance and investments with the national development plans.
It also has credit guidance policies. And so China can direct its incredible financial power towards what is most important for society and for the planet rather than just what is most important for capital.
And that’s what’s enabled them to make these incredible developments in industries that are not necessarily the most profitable.
And so I think that we can learn from basic industrial policy that China is implementing. I think that everyone’s paying attention to this, certainly across the Global South, states are realising the need for industrial policy along these lines.’
-Prof. on
IS ECONOMICALLY LEAPFROGGING THE WEST, HOW?
‘China has made absolutely extraordinary gains in renewable energy production and EV production and high speed rail production, absolutely leapfrogging what the US and Western Europe have been able to achieve.
Now this is remarkable. This is causing people in Washington and London to scratch their heads like how did China manage to do this?
The reason is because China has public control over the financial system and so it can align finance and investments with the national development plans.
It also has credit guidance policies. And so China can direct its incredible financial power towards what is most important for society and for the planet rather than just what is most important for capital.
And that’s what’s enabled them to make these incredible developments in industries that are not necessarily the most profitable.
And so I think that we can learn from basic industrial policy that China is implementing. I think that everyone’s paying attention to this, certainly across the Global South, states are realising the need for industrial policy along these lines.’
-Prof. on 
posted by Satish Sharma at
04:51
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