In a new book, the London School of Economics’ Keyu Jin says China is developing a unique economic and political playbook for the next phase of its evolution.
| In the late 1990s, when a teenager named Keyu Jin arrived in New York from China for a high-school exchange program, she found that although Americans were keenly interested in her fast-emerging country they knew remarkably little about it.
As someone with a foot in both worlds – she is a Western-trained economist but her father Jin Liqun is a former deputy finance minister in Beijing, who now heads the Asian Infrastructure Investment Bank – she found this not only puzzling and frustrating, but also potentially dangerous.“A big part of the problem is precisely a lack of understanding between China and the West of each other’s perspective, and the lack of understanding of each other’s actions,” she says.
The aim is to create an economy and polity that is built neither on the Western market-liberal model nor on Beijing’s former growth-at-any-price, command-and-control model. Instead, it has to be distinctively and authentically Chinese.“It’s a new playbook that is now in motion, but we haven’t seen the fruits of it yet,” she says. “It’s a new era. There’s still a lot of room to change and to improve in all kinds of dimensions.
“One of the mistakes is to see China as either led by one person, or that there’s only one view, even among the leadership. And it’s not the case,” she says. On the social and political front, she argues that although younger people can be frustrated with the lack of business and employment opportunities, they do not necessarily yearn for the kind of political freedoms or unfettered economies of the West.
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