Xi Jinping’s Surprising New Source of Economic Advice

Xi Jinping, China’s leader, has been seeking economic advice from an unusual source: Zhou Qiren, a professor at Peking University. This development is significant because it suggests that Xi is willing to listen to homegrown economists who have a deep understanding of China’s economic challenges. The symposium in Shandong, where Zhou and other economists briefed Xi, was a crucial step in this process.

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The Unconventional Economist

Zhou Qiren is an economist who has spent years studying incentives and constraints from the ground up. Unlike many economists, he does not rely on abstract principles but instead draws from concrete cases, often from his travels around China and beyond. His unique approach has led him to question the feasibility of national self-reliance and the effectiveness of state-owned enterprises.

The Briefing

At the symposium in Shandong, Zhou and other economists presented their ideas for economic reform to Xi. The meeting was significant because it showed that Xi is willing to listen to diverse perspectives and consider alternative solutions. The economists presented a range of ideas, including the need to ease social burdens on households, create more jobs for college graduates, and nurture diverse entrepreneurial ecosystems.

The Message

After the symposium, Xi dropped some encouraging hints that he is getting the message. He emphasized the need to ease social burdens and create more jobs. This is a more sensible message than his previous emphasis on individual hardship and stoicism. The economists also cautioned against the dangers of regional competition and the need for a systematic response to the property market crisis.

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The Way Forward

The symposium in Shandong suggests that Xi is willing to listen to economists who have a deep understanding of China’s economic challenges. If he continues to heed their advice, the season could turn in July, and China’s economy could begin to recover. The key is for Xi to implement the reforms that the economists have suggested, such as reducing interest rates, cutting debts, and nurturing entrepreneurial ecosystems.

Conclusion

Xi Jinping’s willingness to seek economic advice from Zhou Qiren and other economists is a positive sign for China’s economy. It suggests that Xi is willing to listen to diverse perspectives and consider alternative solutions to the country’s economic challenges. If he continues to heed their advice, China could begin to recover from its current economic crisis and move towards a more sustainable and resilient economy.

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