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The New China Playbook: Beyond Socialism and Capitalism
A myth-dispelling, comprehensive guide to the Chinese economy and its path to ascendancy
China's economy has been booming for decades now. A formidable and emerging power on the world stage, the China that most Americans picture is only a rough sketch, based on American news coverage, policy, and ways of understanding.
Enter Keyu Jin: a world-renowned economist who was born in China, educated in the U.S., and is now a tenured professor at the London School of Economics. A person fluent in both Eastern and Western cultures, and a voice of the new generation of Chinese who represent a radical break from the past, Jin is uniquely poised to explain how China became the most successful economic story of our time, as it has shifted from primarily state-owned enterprise to an economy that is thriving in entrepreneurship, and participation in the global economy.
China’s economic realm is colorful and lively, filled with paradoxes and conundrums, and Jin believes that by understanding the Chinese model, the people, the culture and history in its true perspective, one can reconcile what may appear to be contradictions to the Western eye.
What follows is an illuminating account of a burgeoning world power, its past, and its potential future.
China's economy has been booming for decades now. A formidable and emerging power on the world stage, the China that most Americans picture is only a rough sketch, based on American news coverage, policy, and ways of understanding.
Enter Keyu Jin: a world-renowned economist who was born in China, educated in the U.S., and is now a tenured professor at the London School of Economics. A person fluent in both Eastern and Western cultures, and a voice of the new generation of Chinese who represent a radical break from the past, Jin is uniquely poised to explain how China became the most successful economic story of our time, as it has shifted from primarily state-owned enterprise to an economy that is thriving in entrepreneurship, and participation in the global economy.
China’s economic realm is colorful and lively, filled with paradoxes and conundrums, and Jin believes that by understanding the Chinese model, the people, the culture and history in its true perspective, one can reconcile what may appear to be contradictions to the Western eye.
What follows is an illuminating account of a burgeoning world power, its past, and its potential future.
320 pages, Hardcover
First published January 1, 2023
604 people are currently reading
2765 people want to read
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Displaying 1 - 30 of 143 reviews
July 15, 2023
This was a disappointment, and towards the end it became a real struggle to finish this book.
Firstly, even though the book is titled “The New China Playbook”, it never really quite lives up to its title. After reading this, I still have no idea what exactly the new playbook is and how it is presumably different from the old playbook. I felt that the strongest part of the book was actually its retelling of the China playbook from the Deng Xiaoping era - i.e. explaining the mechanism of reform, some of the socio-cultural changes that took place, highlighting the nature of competition between the local governments, fundamentally reframing China’s phenomenal growth over the last four decades as one of catching up. A better title for the book might have been “The Chinese Economy Explained - for the American audience” because that’s really what it is.
Secondly, the author repeatedly offers up “Chinese culture” and ancient Chinese dynastic practices, as some kind of alchemical magic potion that explains everything that she can’t find a good explanation for. This is a lazy - but unfortunately typical - misuse of the concept of culture. It is lazy because, for example, even as the author is trying to make the point that there are significant shifts in consumption patterns between generations, she never really reconciles how these changes may be affecting Confucian values of deference to the elderly, the propensity towards savings, etc. - which is firsthand evidence that culture is always shifting and is never a sufficient explanation in and of itself. And I think trying to explain modern China with reference to dynastic China is just plain misguided - if we don’t argue that Europe has a natural propensity towards autocracy because they used to be ruled by monarchs, I don’t see why we should do the same for any other country in the world.
Thirdly - a contention which is related to the second - I think this book is seriously guilty of nitpicking events that support its argument, while conveniently glossing past extremely critical developments that actually lie at the heart of what it is trying to address. The author might try to defend this by saying that she is trying to write a book about Chinese economics and many other issues of geopolitics, history, etc. fall out of this realm of focus. But I don’t think that is an adequate defence - after all, despite this being a book about economics, I don’t see her holding back on her allusions to Confucianist culture, paternalism, etc. But what she does conveniently leave out are things like geopolitical tensions over the status of territories like Hong Kong and Taiwan and other extremely crucial domestic political developments, like the removal of Presidential Term Limits, the consolidation of power that emerged (either intentionally, or unintentionally) as part of the anti-corruption graft, etc. The selective omission of these developments make this book much less insightful than it could have been. The fact of the matter is that there is no such thing as “pure” economics that is removed from the messiness of politics, society, history, etc., and if the writer is not prepared to deal with some of that mess, it’s really not clear to me what the point of this book was.
I can’t decide whether I’m more disappointed by the book, or by the fact that various people have lauded it as a good book about China. Sure, there are some bright spots, such as the book’s analysis of Deng Xiaoping’s reforms and the competitive dynamic within local governments, which is a refreshing and much needed account of how economic competition is still very much possible and in fact encouraged within a centralised political system. But there these bright spots are few and far in between, and there was really no real radical insight from the book that lives up to its title of describing the new china playbook. The book’s flaws are evident in its conclusion, which really just atrophied into platitudes about how China needs to reform and how important it is for the US and China to cooperate. You don’t need to write or read a few hundred pages to get to that conclusion.
Firstly, even though the book is titled “The New China Playbook”, it never really quite lives up to its title. After reading this, I still have no idea what exactly the new playbook is and how it is presumably different from the old playbook. I felt that the strongest part of the book was actually its retelling of the China playbook from the Deng Xiaoping era - i.e. explaining the mechanism of reform, some of the socio-cultural changes that took place, highlighting the nature of competition between the local governments, fundamentally reframing China’s phenomenal growth over the last four decades as one of catching up. A better title for the book might have been “The Chinese Economy Explained - for the American audience” because that’s really what it is.
Secondly, the author repeatedly offers up “Chinese culture” and ancient Chinese dynastic practices, as some kind of alchemical magic potion that explains everything that she can’t find a good explanation for. This is a lazy - but unfortunately typical - misuse of the concept of culture. It is lazy because, for example, even as the author is trying to make the point that there are significant shifts in consumption patterns between generations, she never really reconciles how these changes may be affecting Confucian values of deference to the elderly, the propensity towards savings, etc. - which is firsthand evidence that culture is always shifting and is never a sufficient explanation in and of itself. And I think trying to explain modern China with reference to dynastic China is just plain misguided - if we don’t argue that Europe has a natural propensity towards autocracy because they used to be ruled by monarchs, I don’t see why we should do the same for any other country in the world.
Thirdly - a contention which is related to the second - I think this book is seriously guilty of nitpicking events that support its argument, while conveniently glossing past extremely critical developments that actually lie at the heart of what it is trying to address. The author might try to defend this by saying that she is trying to write a book about Chinese economics and many other issues of geopolitics, history, etc. fall out of this realm of focus. But I don’t think that is an adequate defence - after all, despite this being a book about economics, I don’t see her holding back on her allusions to Confucianist culture, paternalism, etc. But what she does conveniently leave out are things like geopolitical tensions over the status of territories like Hong Kong and Taiwan and other extremely crucial domestic political developments, like the removal of Presidential Term Limits, the consolidation of power that emerged (either intentionally, or unintentionally) as part of the anti-corruption graft, etc. The selective omission of these developments make this book much less insightful than it could have been. The fact of the matter is that there is no such thing as “pure” economics that is removed from the messiness of politics, society, history, etc., and if the writer is not prepared to deal with some of that mess, it’s really not clear to me what the point of this book was.
I can’t decide whether I’m more disappointed by the book, or by the fact that various people have lauded it as a good book about China. Sure, there are some bright spots, such as the book’s analysis of Deng Xiaoping’s reforms and the competitive dynamic within local governments, which is a refreshing and much needed account of how economic competition is still very much possible and in fact encouraged within a centralised political system. But there these bright spots are few and far in between, and there was really no real radical insight from the book that lives up to its title of describing the new china playbook. The book’s flaws are evident in its conclusion, which really just atrophied into platitudes about how China needs to reform and how important it is for the US and China to cooperate. You don’t need to write or read a few hundred pages to get to that conclusion.
June 11, 2023
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 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.
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.
January 28, 2025
At first I thought 'what have I come to that I am reading a book endorsed by famous war criminal Tony Blair with "Playbook" in the title' but I'm glad I did. You should know what it is - a sort of airport book that patiently explains what the CCP does to a lay audience, while standing well away from anything nasty, eg the government's increasingly nationalistic policies to the non-Han periphery, or HK - but within that, it's a very useful book. People interested in China on the left should probably read it, as it explains nicely why a) no, your Maoist, anti-imperialist fantasies about it really do not correspond to reality in this extremely capitalist society owing its success to being tightly integrated into the global market but b) yes, its economy really is an experiment in state-directed, planned capitalism which can set goals and achieve them, systematically repressing the financial sector while building a complexity that is in no way reducible to just 'assembling phones for California via Taiwan'. The title is a misnomer - 'Beyond Socialism', sure, 'Beyond Capitalism', no, but certainly 'Beyond Neoliberalism' more than you might think. Also astute on geopolitics in a way that made it hilarious to read on the day DeepSeek decimated the US stock market.
June 24, 2023
WARNING: This Book is a Disinformation Campaign
From the very beginning, it becomes apparent that this book is not what it purports to be—a genuine exploration of China's economic landscape. Instead, it functions as a disinformation campaign that seeks to manipulate and mislead its readers.
As I delved into its pages, I was confronted with a plethora of inaccuracies, half-truths, and a deliberate omission of crucial facts. It quickly became evident that The New China Playbook was nothing more than a meticulously crafted propaganda piece designed to advance the agenda of the Chinese Communist Party (CCP).
I implore you to exercise extreme caution and skepticism when approaching this book. Its carefully constructed narrative aims to conceal the true nature of the Chinese regime and its practices, providing a distorted perspective that serves the interests of those in power. The danger lies in the fact that unsuspecting readers may unwittingly absorb and propagate this misleading information, perpetuating a cycle of misinformation and manipulation.
The New China Playbook is an alarming example of how disinformation campaigns can infiltrate the realm of literature. It underscores the importance of critical thinking, fact-checking, and seeking alternative sources of information to gain a well-rounded understanding of complex topics such as China's economic landscape.
Regrettably, I must assign The New China Playbook a very low score. It is disheartening to encounter such a calculated attempt to manipulate public opinion under the guise of an academic work. I advise readers to exercise discernment and approach this book with a keen awareness of its underlying motives.
Remember, knowledge is power, but when that knowledge is tainted by deception, the consequences can be dire. Stay informed, stay vigilant, and seek out reliable and unbiased sources to gain a genuine understanding of China's complex economic dynamics.
1.1/5
From the very beginning, it becomes apparent that this book is not what it purports to be—a genuine exploration of China's economic landscape. Instead, it functions as a disinformation campaign that seeks to manipulate and mislead its readers.
As I delved into its pages, I was confronted with a plethora of inaccuracies, half-truths, and a deliberate omission of crucial facts. It quickly became evident that The New China Playbook was nothing more than a meticulously crafted propaganda piece designed to advance the agenda of the Chinese Communist Party (CCP).
I implore you to exercise extreme caution and skepticism when approaching this book. Its carefully constructed narrative aims to conceal the true nature of the Chinese regime and its practices, providing a distorted perspective that serves the interests of those in power. The danger lies in the fact that unsuspecting readers may unwittingly absorb and propagate this misleading information, perpetuating a cycle of misinformation and manipulation.
The New China Playbook is an alarming example of how disinformation campaigns can infiltrate the realm of literature. It underscores the importance of critical thinking, fact-checking, and seeking alternative sources of information to gain a well-rounded understanding of complex topics such as China's economic landscape.
Regrettably, I must assign The New China Playbook a very low score. It is disheartening to encounter such a calculated attempt to manipulate public opinion under the guise of an academic work. I advise readers to exercise discernment and approach this book with a keen awareness of its underlying motives.
Remember, knowledge is power, but when that knowledge is tainted by deception, the consequences can be dire. Stay informed, stay vigilant, and seek out reliable and unbiased sources to gain a genuine understanding of China's complex economic dynamics.
1.1/5
June 21, 2023
To be honest, I did not finish, reading only a few chapters. I was hoping for a different logical perspective on China, until I noticed this was a CCP promotional book.
No sane, educated person is scared of powerful autocracies taking over democracies anymore. Recent globally felt occurrences (e.g., China’s mishandling of SARS-CoV-2 causing the COVID pandemic and Russia’s failures in their war in Ukraine) has changed our perceptions of undemocratic governments. Their systems are weak and filled with corruptions. For example, China’s leader has led his country into a state where a cult of personality has emerged, with him at the center. He has systematically removed individuals who possess independent thinking abilities from the government, resulting in his words becoming the absolute authority and law. Attempting to handle every aspect of governance single-handedly renders it impossible to effectively control a country, and this is the root cause of China's decline. We are witnessing the decline of a once formidable superpower.
No sane, educated person is scared of powerful autocracies taking over democracies anymore. Recent globally felt occurrences (e.g., China’s mishandling of SARS-CoV-2 causing the COVID pandemic and Russia’s failures in their war in Ukraine) has changed our perceptions of undemocratic governments. Their systems are weak and filled with corruptions. For example, China’s leader has led his country into a state where a cult of personality has emerged, with him at the center. He has systematically removed individuals who possess independent thinking abilities from the government, resulting in his words becoming the absolute authority and law. Attempting to handle every aspect of governance single-handedly renders it impossible to effectively control a country, and this is the root cause of China's decline. We are witnessing the decline of a once formidable superpower.
August 5, 2023
Essential reading for anyone who want to understand China’s political economy. Despite the title emphasising the new playbook, the majority of the book is dedicated to the history and development of political economy, with only a small part theorising how it’s changing and what that might mean in the future. Nonetheless, definitely worth your time
June 11, 2023
Fantastic book. I learned a lot, including phenomenon like:
(1) that the Chinese stock market has not grown very much in contrast to the growth of its economy, and the regulatory factors that lead to that (e.g., poorly performing companies are not removed from the Chinese stock market the way they would be in the US),
(2) that the Chinese real estate market rivals that of American cities like Boston and that often times 6 people (4 parents, 2 kids) are pooling assets to purchase real estate assets in China,
(3) that one positive effect of the one child policy has been an increase in investment in education for women,
(4) that brides are being trafficked to China from places like Vietnam due to China's gender imbalance,
(5) the pretty extreme regulatory limits on capital flow out of China (citizens are allowed to exchange up to $50,000 of foreign currency a year, and any amount exceeding that requires a permit).
(6) that Didi has succeeded over Uber in the Mexican market
Keyu Jin is a clear writer and clear thinker. She has a robust understanding of both China and of economics. I look forward to more lay-economics writing from her.
(1) that the Chinese stock market has not grown very much in contrast to the growth of its economy, and the regulatory factors that lead to that (e.g., poorly performing companies are not removed from the Chinese stock market the way they would be in the US),
(2) that the Chinese real estate market rivals that of American cities like Boston and that often times 6 people (4 parents, 2 kids) are pooling assets to purchase real estate assets in China,
(3) that one positive effect of the one child policy has been an increase in investment in education for women,
(4) that brides are being trafficked to China from places like Vietnam due to China's gender imbalance,
(5) the pretty extreme regulatory limits on capital flow out of China (citizens are allowed to exchange up to $50,000 of foreign currency a year, and any amount exceeding that requires a permit).
(6) that Didi has succeeded over Uber in the Mexican market
Keyu Jin is a clear writer and clear thinker. She has a robust understanding of both China and of economics. I look forward to more lay-economics writing from her.
February 15, 2025
Well written book, but by no means as objective as the author desires. It is written by a privileged insider that has benefited from Chinese policies and cannot afford to upset the CCP. All critiques and presentations of facts are veiled in pro-China language, but at least real problems are identified.
Unfortunately, the many agressive CCP behaviors throughout the world that cause a lot of economic tensions are ignored.
The "round about way to wealth" is a real thing, but China has not been a good steward of their position on the global stage. The "China Playbook" is not one focused on the prosperity of others but one of hegemonic power, economically and military.
Unfortunately, the many agressive CCP behaviors throughout the world that cause a lot of economic tensions are ignored.
The "round about way to wealth" is a real thing, but China has not been a good steward of their position on the global stage. The "China Playbook" is not one focused on the prosperity of others but one of hegemonic power, economically and military.
November 29, 2023
This book is great as an introduction to China, but I think that, while reading it, it’s very important to keep in mind who is the author. She is undeniably bullish about China and has a tendency to smooth over major challenges that the country will be facing in the coming years (I don’t see the demographic conundrum nor the geopolitical tension going away). That optimism could come from personal experience, though I also think it serves her to promote the regime. Plus, I’d also point out that attributing all the disputes with the West to “cultural differences” or misunderstandings is naive at best. All in all, worth the read, but not a game changer.
May 1, 2024
Most of the common narratives about China you hear in the West are quite simply wrong. On the left, it’s a successful socialist experiment. On the right, it’s a successful capitalist experiment. The truth of the matter is somewhat in-between, as Keyu Jin writes in this book. The meteoric rise of China could not have happened without both market reformations, and the usage of a strong state, a state much larger and stronger than anything in the West.
The paradox of China for many people in the West is because it refuses to prescribe to a specific intellectual current that has an analog in the Western tradition. The entire idea of “socialism with Chinese characteristics” is the vision for a society that pragmatically adapts and adopts ideas that fit Chinese conditions, no matter where they come from. This has lead to confusion for outsiders who see supposedly opposing trends.
On the one hand, China pursued a policy of aggressive market reform that has made it the home of the second largest population of billionaires in the world. To some, this is clearly capitalist. On the other hand, the government uses its state power to intervene, control, and shape nascent industries in a way that isn’t found in other Western nations. To some, this is clearly socialist.
All to say that the reality of China is complex, and nuanced. Jin successfully takes this complexity and unpacks it across several dimensions. As someone who grew up in China, and educated as an economist in the West, she brings a nuanced perspective that doesn’t feel overly biased in one direction. This book is a successful reporting of the on the ground truth of the Chinese economy.
So what are the key ingredients that have made China so successful?
- Culture played a role here. Particularly the openness to a paternalistic, intervening government, the Confucian work ethic, and the already established meritocratic bureaucracy.
- Markets played a role. The market reformation of Chinese industries increased efficiency and competitiveness, and the introduction of foreign technology, capital and enterprises.
- The state played a role. The usage of state owned enterprises, national policy, state ownership over land, and the balance between locally devolved authorities and a larger central authority.
- Global context played a role. The opening of the Chinese market coincided with the general opening of trade borders and broader globalization trends that happened after the 1980s.
All of this has meant, that between 1978 and 2005, over 400 hundred million Chinese workers moved out of low-productivity sectors (collective agriculture & state owned enterprises) into high productivity sectors (industry & private sector). Market reforms and positioning China at the centre of the global supply chain, in conjunction with the use of state owned enterprises and authorities to pursue unprofitable long-term economic goals, has meant millions lifted out of poverty and growing from a nation of $380 per capita income to $10,000 per capita.
What’s most interesting to me is how the Chinese government has pragmatically shifted towards, supposedly, ideologically opposing policies over time. For a while, the Chinese government turned a blind eye to the growing billionaire class, and let large private corporations have their sway in society at large. In some part, this was accepted as part of the pathway to evolve their economy. But in the last decade, they’ve shifted positions towards reducing income inequality, and conducting anti-corruption drives.
Another interesting contrast is the common idea of an intense centralized authority in China. This is definitely true, at least in comparison to the West, but it’s underrated how much autonomy local governments and officials actually have, and that this decentralized level of authority was actually key to many of their economic policy successes. It’s very much in opposition to the central planning system created by the Soviets.
All in all, it’s a fascinating book and gave me a lot to think about. The book focuses less on what Jin believes will be the ingredients to their future success, which I wish she had spent more time writing about, but as a primer to understand the current reality. For this, the book is indispensable.
The paradox of China for many people in the West is because it refuses to prescribe to a specific intellectual current that has an analog in the Western tradition. The entire idea of “socialism with Chinese characteristics” is the vision for a society that pragmatically adapts and adopts ideas that fit Chinese conditions, no matter where they come from. This has lead to confusion for outsiders who see supposedly opposing trends.
On the one hand, China pursued a policy of aggressive market reform that has made it the home of the second largest population of billionaires in the world. To some, this is clearly capitalist. On the other hand, the government uses its state power to intervene, control, and shape nascent industries in a way that isn’t found in other Western nations. To some, this is clearly socialist.
All to say that the reality of China is complex, and nuanced. Jin successfully takes this complexity and unpacks it across several dimensions. As someone who grew up in China, and educated as an economist in the West, she brings a nuanced perspective that doesn’t feel overly biased in one direction. This book is a successful reporting of the on the ground truth of the Chinese economy.
So what are the key ingredients that have made China so successful?
- Culture played a role here. Particularly the openness to a paternalistic, intervening government, the Confucian work ethic, and the already established meritocratic bureaucracy.
- Markets played a role. The market reformation of Chinese industries increased efficiency and competitiveness, and the introduction of foreign technology, capital and enterprises.
- The state played a role. The usage of state owned enterprises, national policy, state ownership over land, and the balance between locally devolved authorities and a larger central authority.
- Global context played a role. The opening of the Chinese market coincided with the general opening of trade borders and broader globalization trends that happened after the 1980s.
All of this has meant, that between 1978 and 2005, over 400 hundred million Chinese workers moved out of low-productivity sectors (collective agriculture & state owned enterprises) into high productivity sectors (industry & private sector). Market reforms and positioning China at the centre of the global supply chain, in conjunction with the use of state owned enterprises and authorities to pursue unprofitable long-term economic goals, has meant millions lifted out of poverty and growing from a nation of $380 per capita income to $10,000 per capita.
What’s most interesting to me is how the Chinese government has pragmatically shifted towards, supposedly, ideologically opposing policies over time. For a while, the Chinese government turned a blind eye to the growing billionaire class, and let large private corporations have their sway in society at large. In some part, this was accepted as part of the pathway to evolve their economy. But in the last decade, they’ve shifted positions towards reducing income inequality, and conducting anti-corruption drives.
Another interesting contrast is the common idea of an intense centralized authority in China. This is definitely true, at least in comparison to the West, but it’s underrated how much autonomy local governments and officials actually have, and that this decentralized level of authority was actually key to many of their economic policy successes. It’s very much in opposition to the central planning system created by the Soviets.
All in all, it’s a fascinating book and gave me a lot to think about. The book focuses less on what Jin believes will be the ingredients to their future success, which I wish she had spent more time writing about, but as a primer to understand the current reality. For this, the book is indispensable.
June 5, 2023
Jin offers a nuanced and balanced view of China's economic rise, policies, and challenges that offers much insight underappreciated by writers and government officials in either the U.S. or China that see the two countries headed towards conflict. Jin shows how China's economic development and policies can be explained by applying a basic understanding of economic principles to the study of China. We see that although China's largest companies, the state-owned enterprises, are driven by central government policies and goals, much of of the Chinese economic, and even the SOEs themselves, are driven by their own market interests.
The weakness of Jin's book is that it does not offer a deep examination of the political differences on either side of U.S./China relations. Although Jin argues credibly that there is a great incentive for cooler heads to prevail and for conflict to be prevented, both sides have staked out "red lines" over issues such as Taiwan's sovereignty and freedom of the seas that could see a crisis escalate to conflict. China's political system, while offering stability and security, also has the great weakness of suppressing information and needing to confront how it would react to a population that lost faith in the Communist Party.
The impact in Jin's writing comes not from adding any nuance or complexity to the examination of U.S./China relations, but in how easy it is to lose sight of the simple explanations for problems often attributed to nefarious reasoning. If the U.S. and China avoid conflict it will be because mature and intelligent policy makers on both sides understand the forces driving the other and are able to set aside petty grievances only partially explained by a supposed grand strategy of dominating global political discourse. The New China Playbook does not offer deep insight into solving this dilemma, but it may be the cornerstone.
The weakness of Jin's book is that it does not offer a deep examination of the political differences on either side of U.S./China relations. Although Jin argues credibly that there is a great incentive for cooler heads to prevail and for conflict to be prevented, both sides have staked out "red lines" over issues such as Taiwan's sovereignty and freedom of the seas that could see a crisis escalate to conflict. China's political system, while offering stability and security, also has the great weakness of suppressing information and needing to confront how it would react to a population that lost faith in the Communist Party.
The impact in Jin's writing comes not from adding any nuance or complexity to the examination of U.S./China relations, but in how easy it is to lose sight of the simple explanations for problems often attributed to nefarious reasoning. If the U.S. and China avoid conflict it will be because mature and intelligent policy makers on both sides understand the forces driving the other and are able to set aside petty grievances only partially explained by a supposed grand strategy of dominating global political discourse. The New China Playbook does not offer deep insight into solving this dilemma, but it may be the cornerstone.
August 20, 2023
Not exactly a playbook. Better read as an overview of modern China's political economy, and a clear and informative one at that. Keyu Jin's analysis is crisp and satisfying to read in a way that most economic commentary is not. Her writing exemplifies what deft economic reasoning, richly backed by data, looks like—and I've worked down the hall from some very capable macroeconomic researchers. However, this is not to say that some of her arguments didn't feel a little hand-wavy, particularly when it came to culture and technology.
Though she acknowledges the limits of attributing economic outcomes to cultural traits, I still found some of her analysis to lean too much on cultural essentialism and throwbacks to Confucianism. It's irritating enough when white, Western China watchers do this. To be fair, there is certainly truth to these cultural intangibles. It's undeniable that generations of Chinese have taken up the spirit of 吃苦 (chiku) "eating bitter" in enduring great hardship. The cultural emphasis on saving money is borne out by China's remarkably high household savings rate. But more objective economic factors such as tight capital controls and the speculative nature of the domestic stock market might have served as adequate explanation. It remains to be seen how much these tendencies persevere among the younger, more consumer-oriented generation brought up in more prosperous times.
When writing about technology, economists have an annoying habit of riding on buzzwords and hype. For example, a recent otherwise thought-provoking FT editorial arguing for continued American equity outperformance on the basis of "AI." It's no different with this book: AI, quantum supercomputers, aerial drones, autonomous vehicles, and 5G telecommunications. Mentioned not once but twice: pulse-measuring smart shoes. Students of Carlota Perez will understand that it's not so simple. Here, Jin mostly reiterates Kai-Fu Lee's argument in Ai Superpowers: China, Silicon Valley, and the New World Order about China's ability to generate vast amounts of useful data on the basis of its large population. She criticizes the education system for teaching rote memorization over creativity, but by now this point has become rather trite.
Jin's discussion of technology is strongest when she returns to the theme of political economy in analyzing 举国 (juguo) "whole nation" mobilization, previously spun up to train gold medal Olympic athletes, now toward critical homegrown technology development. In addition, her distinction between global and local externalities—some businesses like Google Search work the same anywhere, whereas sectors such as food delivery or ride-sharing are much more locally-specific and allow for many local competitors—was a really interesting way to think about global competition and winner-take-all markets.
Overall, I took from this book a much better understanding of the unique idiosyncrasies of China's economy and financial system. Just a few examples: the "mayor economy" that incentivizes local governments to throw their weight behind businesses, the prevalence of bank-issued debt financing in contrast to equity-driven Western capital markets, and the wide-ranging demographic knock-on effects of the vast natural experiment that was the one-child policy.
Jin's analysis is nuanced and quite balanced with critique and moderate predictions for the future, such as in regard to the renminbi's prospects as the global reserve currency. That she dare have anything complementary to say about China has already brought out the Reddit neckbeards who equate that to propaganda. Rather than one-sided nationalist boosterism, Jin points toward the continued importance of multilateral cooperation and dialogue, predicting a multipolar world where shared challenges such as climate change dwarf any trade war.
Though she acknowledges the limits of attributing economic outcomes to cultural traits, I still found some of her analysis to lean too much on cultural essentialism and throwbacks to Confucianism. It's irritating enough when white, Western China watchers do this. To be fair, there is certainly truth to these cultural intangibles. It's undeniable that generations of Chinese have taken up the spirit of 吃苦 (chiku) "eating bitter" in enduring great hardship. The cultural emphasis on saving money is borne out by China's remarkably high household savings rate. But more objective economic factors such as tight capital controls and the speculative nature of the domestic stock market might have served as adequate explanation. It remains to be seen how much these tendencies persevere among the younger, more consumer-oriented generation brought up in more prosperous times.
When writing about technology, economists have an annoying habit of riding on buzzwords and hype. For example, a recent otherwise thought-provoking FT editorial arguing for continued American equity outperformance on the basis of "AI." It's no different with this book: AI, quantum supercomputers, aerial drones, autonomous vehicles, and 5G telecommunications. Mentioned not once but twice: pulse-measuring smart shoes. Students of Carlota Perez will understand that it's not so simple. Here, Jin mostly reiterates Kai-Fu Lee's argument in Ai Superpowers: China, Silicon Valley, and the New World Order about China's ability to generate vast amounts of useful data on the basis of its large population. She criticizes the education system for teaching rote memorization over creativity, but by now this point has become rather trite.
Jin's discussion of technology is strongest when she returns to the theme of political economy in analyzing 举国 (juguo) "whole nation" mobilization, previously spun up to train gold medal Olympic athletes, now toward critical homegrown technology development. In addition, her distinction between global and local externalities—some businesses like Google Search work the same anywhere, whereas sectors such as food delivery or ride-sharing are much more locally-specific and allow for many local competitors—was a really interesting way to think about global competition and winner-take-all markets.
Overall, I took from this book a much better understanding of the unique idiosyncrasies of China's economy and financial system. Just a few examples: the "mayor economy" that incentivizes local governments to throw their weight behind businesses, the prevalence of bank-issued debt financing in contrast to equity-driven Western capital markets, and the wide-ranging demographic knock-on effects of the vast natural experiment that was the one-child policy.
Jin's analysis is nuanced and quite balanced with critique and moderate predictions for the future, such as in regard to the renminbi's prospects as the global reserve currency. That she dare have anything complementary to say about China has already brought out the Reddit neckbeards who equate that to propaganda. Rather than one-sided nationalist boosterism, Jin points toward the continued importance of multilateral cooperation and dialogue, predicting a multipolar world where shared challenges such as climate change dwarf any trade war.
January 11, 2024
I highly recommend this book for anyone with an interest in global politics and economics.
Pros:
The author does a wonderful job making her topic (the Chinese economic system) engaging and highly readable, even for a layperson such as myself.
I particularly enjoyed her emphasis on how Chinese history and culture shapes their current economic system. For example, she discusses paternalism at length as a major strength of the system, rather than as a weakness, as it is commonly portrayed in western commentary. The history of the Chinese meritocratic governmental system and its influence on current economic growth was also fascinating.
I chose this book specifically because I wanted to read about China from a Chinese perspective (which can be difficult to find in English) and it did not disappoint. Lots of fresh perspectives in this book.
Cons:
Because this book is about China from a
Chinese perspective, it is a little ra-ra China! at times, which didn’t bother me much since that’s what I signed up for. There are certainly problematic topics that are glossed over or blithely swept aside without much context or serious examination (for example, intellectual property concerns from the west) and some ignored completely, but that’s to be expected given the current cultural mood in China. They in no way impinged on my thorough enjoyment of the book, but did leave me wishing for more.
Pros:
The author does a wonderful job making her topic (the Chinese economic system) engaging and highly readable, even for a layperson such as myself.
I particularly enjoyed her emphasis on how Chinese history and culture shapes their current economic system. For example, she discusses paternalism at length as a major strength of the system, rather than as a weakness, as it is commonly portrayed in western commentary. The history of the Chinese meritocratic governmental system and its influence on current economic growth was also fascinating.
I chose this book specifically because I wanted to read about China from a Chinese perspective (which can be difficult to find in English) and it did not disappoint. Lots of fresh perspectives in this book.
Cons:
Because this book is about China from a
Chinese perspective, it is a little ra-ra China! at times, which didn’t bother me much since that’s what I signed up for. There are certainly problematic topics that are glossed over or blithely swept aside without much context or serious examination (for example, intellectual property concerns from the west) and some ignored completely, but that’s to be expected given the current cultural mood in China. They in no way impinged on my thorough enjoyment of the book, but did leave me wishing for more.
February 4, 2025
Esse livro foi escolhido depois de uma busca longa: livros sobre a China, que mostrassem a parte histórica, o desenvolvimento até os tempos atuais, a cultura, e as mudanças internas, modernização, influência do partido, etc. Tem muitos livros disponíveis, dificil demais escolher. Felizmente achei o que casava com minha busca. A autora, Keyu Jin, é chinesa, educada nos EUA (Harvard) e trabalha em Londres, professora de economia na London School of Economics. Filha única (dentro daquela regra de apenas um filho por casal), viveu a história recente, e a conectou magistralmente com a cultura e passado da China. Livro muito bom, imparcial dentro do possível, considero uma primeira excelente leitura sobre a China e seu status no mundo nos últimos 40 anos (um pouco menos). Considero leitura indispensável, para entendermos a China e sua evolução nas relações internacionais no mundo atual. Pelo menos a sua leitura cuidadosa evitará opiniões infundadas, com base apenas no achismo, o que é o mais comum no mundo de hoje, de leitores de headlines!
July 22, 2023
I would recommend this book for China watchers. The country appears to be running a new playbook for innovation and technology. The author - a bicultural economics expert - provides a holistic view about the Country’s Political, Social and Economic system including its warts. The biggest geopolitical change of the 21st century will be the end of exclusive Western Political and Economic dominance and the rise of China is at the core of this change according to the author who understands both China and the West.
March 12, 2025
Dois livros em um. A parte que conta uma versão resumida da história econômica da China pós-1978, explicando o sistema de prefeituras, a visão da sociedade chinesa frente ao dilema da falta de democracia vs estado é realmente muito interessante para quem não conhece a China. Por isso já vale ler o livro. Mas há partes que parecem um trabalho de TCC, vago, redundante, e com uma bajulação descarada da China (exemplo: fala bem da cópia de propriedade intelectual por companhias chinesas, renomeada de “cópia criativa”). Recomendo muito a leitura, mas é preciso certa resiliência em alguns trechos
September 15, 2025
Overall, I had trouble trusting that the author was giving me a true/candid/objective view of reality (to be blunt, the author would face consequences if she wrote more critically about China). Everything was presented as just a bit too rose-tinted. The author acknowledges various challenges that the Chinese government/party faces, but never acknowledged any mistakes.
I would tentatively endorse this books as a decent "China 101" type book. If you haven't read anything about China before, this is a decent enough place to start. But I would caution against being too confident in anything from this book, simply because the author often doesn't present the full picture.
I would tentatively endorse this books as a decent "China 101" type book. If you haven't read anything about China before, this is a decent enough place to start. But I would caution against being too confident in anything from this book, simply because the author often doesn't present the full picture.
March 17, 2024
Very good read! A basic understanding of economics & finance is required to comprehend the authors writing. The book encompasses a rather speculative & personal view from the author. I would have liked to see more profound referencing in her statements.
February 17, 2025
A brief history lesson on what has fueled China’s ascendancy, largely due to the government carefully steering China’s economy and society to foster astronomical levels of growth. This book serves as an informative counterbalance to all the anti-China media that frequents American newsfeeds.
May 14, 2025
Great book for learning something about the rise of China as a global power. It looks at the economy but also beyond that.
December 9, 2025
highly educational and informative, but quite dry and repetitive.
August 19, 2023
KeYu Jin is a Chinese economist from the London School of Economics. Born in Beijing, she did her undergraduate, graduate, and doctorate degrees at Harvard University. This is her first popular book, fresh off the press. And it is a good one.
KeYu Jin attempts to explain to a Western audience - of which she is familiar - her perspective of China's development - of which she is also familiar with, having a father who works in the Chinese government and being an advisor to the CBRC on fintech.
Any book on China today will evoke extreme reaction. Any conciliatory tone towards Beijing and the author is branded a CCP apologist. The opposite, and the author is spouting standard US propaganda. So whatever KeYu Jin does, she will be criticised by either side.
But as a neutral, I thought she did a fair job shining light on how China, in spite of government intervention in the market - and all the imbalances this produces - still manages to produce extraordinary growth. She also drops several new insights, including how the one child policy may have had the unintended consequence of both preparing China for a technological race and of creating a more equal society for women. She also explains what she believes is the path forward for China and how it is better if the US accepts China in the world order.
When I entered the finance industry almost two decades ago, I was the recipient of uncommon wisdom. Two stick with me. At a time when the US was printing its way out of a recession, I was told, "Never bet against the US dollar." Almost 15 years later, it still remains the dominant currency. When it was trendy for economists to predict the crash of China, I was told "to not underestimate the resources and capability of the Chinese government." China has continued on a relentless growth path since. This book basically makes the case for the latter.
One small criticism. I believe the book could have been shortened. It would have made it more impactful.
KeYu Jin attempts to explain to a Western audience - of which she is familiar - her perspective of China's development - of which she is also familiar with, having a father who works in the Chinese government and being an advisor to the CBRC on fintech.
Any book on China today will evoke extreme reaction. Any conciliatory tone towards Beijing and the author is branded a CCP apologist. The opposite, and the author is spouting standard US propaganda. So whatever KeYu Jin does, she will be criticised by either side.
But as a neutral, I thought she did a fair job shining light on how China, in spite of government intervention in the market - and all the imbalances this produces - still manages to produce extraordinary growth. She also drops several new insights, including how the one child policy may have had the unintended consequence of both preparing China for a technological race and of creating a more equal society for women. She also explains what she believes is the path forward for China and how it is better if the US accepts China in the world order.
When I entered the finance industry almost two decades ago, I was the recipient of uncommon wisdom. Two stick with me. At a time when the US was printing its way out of a recession, I was told, "Never bet against the US dollar." Almost 15 years later, it still remains the dominant currency. When it was trendy for economists to predict the crash of China, I was told "to not underestimate the resources and capability of the Chinese government." China has continued on a relentless growth path since. This book basically makes the case for the latter.
One small criticism. I believe the book could have been shortened. It would have made it more impactful.
February 23, 2025
Every Western politician should read
Excellent book. I’ve lived in China and Taiwan for over ten years and taught economics for 5 years in a Taiwanese high school in Kunshan, known locally as ‘Little Taiwan.’ Many of the Taiwanese businesses have left post-Covid. In my opinion, China essentially followed the growth model of the Asian Tiger economies which when applied to a much larger population has produced spectacular results. I’m currently in Shenzhen and it’s hard not to be impressed by the living quality here. All taxis are BYD EV’s, all scooters are electric and the air quality is better than Taichung, Taiwan where I live. A big change from when I first came to China in 2013. When you live in China, it’s hard not to be sanguine about its long term prosperity. My students used to joke that if they were weak at maths they would sit A Level which is not difficult for Chinese students!
Excellent book. I’ve lived in China and Taiwan for over ten years and taught economics for 5 years in a Taiwanese high school in Kunshan, known locally as ‘Little Taiwan.’ Many of the Taiwanese businesses have left post-Covid. In my opinion, China essentially followed the growth model of the Asian Tiger economies which when applied to a much larger population has produced spectacular results. I’m currently in Shenzhen and it’s hard not to be impressed by the living quality here. All taxis are BYD EV’s, all scooters are electric and the air quality is better than Taichung, Taiwan where I live. A big change from when I first came to China in 2013. When you live in China, it’s hard not to be sanguine about its long term prosperity. My students used to joke that if they were weak at maths they would sit A Level which is not difficult for Chinese students!
May 21, 2024
A Thought-Provoking, Controversial Challenge to Western Perception of China
China’s influence in the world is large and growing. China’s economy seems likely to become the first serious challenge to America’s global hegemony since the end of the Second World War. In that context it is important for students of international relations to consider a point of view about China from a fresh if hardly indisputable perspective.
This book is a thought-provoking, controversial challenge to Western perception of China’s strengths and weaknesses. Author Keyu Jin is an eloquent writer in English. She has roots in both Chinese and Western camps as the daughter of the president of the Asian International Investment Bank in China and also as a professor of economics at the London School of Economics. She has a B.A., an M.A., and a PhD in economics from Harvard University and has worked at the World Bank and IMF. Her bio says she resides with her family in London and Beijing.
Much of her analysis is scrupulously balanced. Thus she addresses whether China’s currency, the Renminbi, can become a global reserve currency ultimately joining or even replacing the dollar. Her conclusion: China’s capital market sophistication doesn’t equal its trade position. Furthermore, China’s central government fears giving up control over the currency whereas the dollar is freely traded in capital markets around the world. In contrast to America, Chinese citizens do not invest in the country’s stock market and are largely prohibited from buying stock of foreign companies. Thus real estate has been a place where such investment is encouraged, with a resulting bubble in the housing market. Some 60% of Chinese household assets are in real estate compared to 25% in the U.S.
In another example of striking a balance, Keyu observes that the power of the state in China provides the system’s greatest potential and also its gravest inherent risk. Observing the overbuilding of housing complexes, many far away from the jobs, she notes that, “Where a free market would have weeded out ineffective actors and rewarded capable ones, that cleansing effect was limited…China’s central leadership, which spurred the most successful growth story of our time, could also make choices that might have the opposite effect in the future.”
The author suggests, controversially, that Western observers exaggerate citizen unhappiness with the social and political strictures imposed by the Chinese central government and the Communist Party. She points to the cultural importance of Confucian thought which not only emphasizes hard work and frugality but also teaches deference to authority and cultural acceptance of state intervention. These cultural traits of “work ethic, competitive fire, and ambition” have led to phenomenal economic growth and a rising standard of living for a large percentage of population, suggests the author. “China relies upon a labor force whose collective memory includes hunger, deprivation, and working around the clock first to fill its belly and then to realize its dreams.”
As an individual well known to the Chinese government, and a member of a prominent family, Keyu treads a fine line, however. Where she provides gentle criticism of the Chinese government she is careful not to go too far out on a limb. Thus she is careful not to criticize President Xi Jinping’s response to the recent decline in China’s growth rate. In 1990, private enterprise constituted very little share of economic output. Private companies vastly outperformed State-owned enterprises. Some twenty years later, the private sector contributed 60% of China’s GDP.
Xi seems to be reversing this trend and is highly suspicious of the most successful of Chinese entrepreneurs such as Alibaba founder Jack Ma, who is worth an estimated $30 billion and who suddenly adopted a low profile after his prominence drew government scrutiny. Xi has dictated a return to central planning of the economy, affecting how a fifth of all new investment will be allocated. It is a plan, The Economist points out, that neglects consumers. Government will decide to allocate investment to favored industries in areas such as advanced manufacturing. Risk-taking associated with capitalism is out. But it has been Chinese entrepreneurs who fueled much of China’s growth in the last 30 years. If entrepreneurs are stifled, innovation will suffer and resources will be wasted.
The following excerpt is characteristic of Keyu Jin’s balancing act: “For those who cling to the belief that Western-style democracy with its full embrace of capitalism is the only system that can generate widespread prosperity, China’s global rise poses a perplexing paradox. The state’s heavy-haded interventions run counter to free market doctrine. Yet the Chinese playbook has enjoyed phenomenal success although not without problems.”
As other reviewers have noted, Keyu avoids topics that could get her in trouble with the Chinese government, including South China Sea claims, Taiwan, the persecution and exploitation of Uighurs, espionage and potential interference in elections, condoned theft of commercial property, and trade policy.
Still, the author provides many insights into the strengths of the Chinese “system” and argues that a Western audience cannot simply impose its own standards in judging China. For the very reason that this is a provocative and well-written book that challenges Western perceptions, I think it deserves 5 stars. Throughout my own beliefs were challenged and I found that to be intellectually stimulating.
China’s influence in the world is large and growing. China’s economy seems likely to become the first serious challenge to America’s global hegemony since the end of the Second World War. In that context it is important for students of international relations to consider a point of view about China from a fresh if hardly indisputable perspective.
This book is a thought-provoking, controversial challenge to Western perception of China’s strengths and weaknesses. Author Keyu Jin is an eloquent writer in English. She has roots in both Chinese and Western camps as the daughter of the president of the Asian International Investment Bank in China and also as a professor of economics at the London School of Economics. She has a B.A., an M.A., and a PhD in economics from Harvard University and has worked at the World Bank and IMF. Her bio says she resides with her family in London and Beijing.
Much of her analysis is scrupulously balanced. Thus she addresses whether China’s currency, the Renminbi, can become a global reserve currency ultimately joining or even replacing the dollar. Her conclusion: China’s capital market sophistication doesn’t equal its trade position. Furthermore, China’s central government fears giving up control over the currency whereas the dollar is freely traded in capital markets around the world. In contrast to America, Chinese citizens do not invest in the country’s stock market and are largely prohibited from buying stock of foreign companies. Thus real estate has been a place where such investment is encouraged, with a resulting bubble in the housing market. Some 60% of Chinese household assets are in real estate compared to 25% in the U.S.
In another example of striking a balance, Keyu observes that the power of the state in China provides the system’s greatest potential and also its gravest inherent risk. Observing the overbuilding of housing complexes, many far away from the jobs, she notes that, “Where a free market would have weeded out ineffective actors and rewarded capable ones, that cleansing effect was limited…China’s central leadership, which spurred the most successful growth story of our time, could also make choices that might have the opposite effect in the future.”
The author suggests, controversially, that Western observers exaggerate citizen unhappiness with the social and political strictures imposed by the Chinese central government and the Communist Party. She points to the cultural importance of Confucian thought which not only emphasizes hard work and frugality but also teaches deference to authority and cultural acceptance of state intervention. These cultural traits of “work ethic, competitive fire, and ambition” have led to phenomenal economic growth and a rising standard of living for a large percentage of population, suggests the author. “China relies upon a labor force whose collective memory includes hunger, deprivation, and working around the clock first to fill its belly and then to realize its dreams.”
As an individual well known to the Chinese government, and a member of a prominent family, Keyu treads a fine line, however. Where she provides gentle criticism of the Chinese government she is careful not to go too far out on a limb. Thus she is careful not to criticize President Xi Jinping’s response to the recent decline in China’s growth rate. In 1990, private enterprise constituted very little share of economic output. Private companies vastly outperformed State-owned enterprises. Some twenty years later, the private sector contributed 60% of China’s GDP.
Xi seems to be reversing this trend and is highly suspicious of the most successful of Chinese entrepreneurs such as Alibaba founder Jack Ma, who is worth an estimated $30 billion and who suddenly adopted a low profile after his prominence drew government scrutiny. Xi has dictated a return to central planning of the economy, affecting how a fifth of all new investment will be allocated. It is a plan, The Economist points out, that neglects consumers. Government will decide to allocate investment to favored industries in areas such as advanced manufacturing. Risk-taking associated with capitalism is out. But it has been Chinese entrepreneurs who fueled much of China’s growth in the last 30 years. If entrepreneurs are stifled, innovation will suffer and resources will be wasted.
The following excerpt is characteristic of Keyu Jin’s balancing act: “For those who cling to the belief that Western-style democracy with its full embrace of capitalism is the only system that can generate widespread prosperity, China’s global rise poses a perplexing paradox. The state’s heavy-haded interventions run counter to free market doctrine. Yet the Chinese playbook has enjoyed phenomenal success although not without problems.”
As other reviewers have noted, Keyu avoids topics that could get her in trouble with the Chinese government, including South China Sea claims, Taiwan, the persecution and exploitation of Uighurs, espionage and potential interference in elections, condoned theft of commercial property, and trade policy.
Still, the author provides many insights into the strengths of the Chinese “system” and argues that a Western audience cannot simply impose its own standards in judging China. For the very reason that this is a provocative and well-written book that challenges Western perceptions, I think it deserves 5 stars. Throughout my own beliefs were challenged and I found that to be intellectually stimulating.
April 9, 2024
Not too many new things to learn from this book. The author is a China shill and the book painted china in a very positive image. There were no discussions on politically sensitive issues or challenges that China has struggled with. It is hard to decifer how much to trust the author.
Basically China great, CCP is amazing and the majority of Chinese support the state control.
Basically China great, CCP is amazing and the majority of Chinese support the state control.
December 20, 2023
An apologist for the CCP who covers up all the warts or glosses over them very quickly. Many of her arguments or information sounds good, but once you scratch the surface a little bit, they fall apart as quickly as a Chinese tofu building.
June 10, 2023
Listened via Audible
The author Keyu Jin has 'a foot in both camps' - born in China, educated in the West and teaches in the West. She has a different and nuanced perspective about China which would be useful if more broadly understood in the West.
To simplify - China and West are different.
Chinese culture- puts the individual within a larger social context - part of a nuclear and or extended family versus individualism in the West and hyper individualism in the United States.
Chinese people value safety and security - more than Freedom and Liberty - which are more highly valued in the West. China observed what happened after the Soviet Union fell and an attempt was made through 'shock therapy' to convert the former Soviet Union to Capitalism - (which failed) - therefore Chinese planners are more conservative.
The Chinese people and society are coming from different 'histories' during the recent past. The Chinese have a "Century of Shame (1849-1949) where they were 'put upon' by the Imperialist West. That's to be compared with the U.S.' Growth Rate and emergence after WW2 as a SuperPower (50% of the World GDP in 1945-1950) and now the leader of the 'Rules Based' Western Alliance.
Keyu Jin provides a mostly balanced worldview (+/-) indicating that 'China hasn't done everything correctly' - and the West 'hasn't done everything correctly'. Keyu Jin details how the Chinese Government and Society are 'organized'.
This book 'adds value' to the conversation concerning U.S.-China issues.
The 'voice' of the book represents emerging China as an "adolescent teenager who borrowed his parents car and wrecked it - but 'boys will be boys'....patina...The West 'needs to understand China is still a poor country ($10K USD per capita GDP) and is still growing with immature Capitalist Systems (legal, Intellectual Property, Financial Systems) - although improving ones....are examples of her perspective. This may be true...however...
Of more interest to U.S. based readers and citizens- is 'what will the US' strategy be' in relation to how to deal with a rising/emerging China that is of rough parity with the U.S? I don't see/read about any real thinking about how to deal with China on a rough parity basis. If the U.S. doesn't think this through the U.S. could fall into the Thucydides Trap - see Athens-Sparta and war when a rising power and an established power fear each other and eventually 'go to war'.
Politically - the current China Committee in the U S House of Representatives is a 'China Bashing' TV Advertisement. I don't think politically a reasonable dialogue on how to dialogue with a roughly equal adversary could take place. So blame for this is on the U S side.
China has different values than the U.S.
China has a different political system than the U.S.
China and others (BRICs) are organizing to create a trading/economic block larger than the West - to create a different currency than the U.S. Dollar and etc.
China has rough parity economic and diplomatic power.
China will soon have rough parity military power - China has more warships than the U.S. currently has.
Given all of the above - there appears to be no plan on how to deal with China on a rough parity basis -how to separate out where and how we can deal with China on areas of mutual interest - Climate Change - ways to avoid war - and ways for both countries to grow with shared benefits.
Should be of interest to those who follow U S Foreign Policy.
Carl Gallozzi
Cgallozzi@comcast.net
The author Keyu Jin has 'a foot in both camps' - born in China, educated in the West and teaches in the West. She has a different and nuanced perspective about China which would be useful if more broadly understood in the West.
To simplify - China and West are different.
Chinese culture- puts the individual within a larger social context - part of a nuclear and or extended family versus individualism in the West and hyper individualism in the United States.
Chinese people value safety and security - more than Freedom and Liberty - which are more highly valued in the West. China observed what happened after the Soviet Union fell and an attempt was made through 'shock therapy' to convert the former Soviet Union to Capitalism - (which failed) - therefore Chinese planners are more conservative.
The Chinese people and society are coming from different 'histories' during the recent past. The Chinese have a "Century of Shame (1849-1949) where they were 'put upon' by the Imperialist West. That's to be compared with the U.S.' Growth Rate and emergence after WW2 as a SuperPower (50% of the World GDP in 1945-1950) and now the leader of the 'Rules Based' Western Alliance.
Keyu Jin provides a mostly balanced worldview (+/-) indicating that 'China hasn't done everything correctly' - and the West 'hasn't done everything correctly'. Keyu Jin details how the Chinese Government and Society are 'organized'.
This book 'adds value' to the conversation concerning U.S.-China issues.
The 'voice' of the book represents emerging China as an "adolescent teenager who borrowed his parents car and wrecked it - but 'boys will be boys'....patina...The West 'needs to understand China is still a poor country ($10K USD per capita GDP) and is still growing with immature Capitalist Systems (legal, Intellectual Property, Financial Systems) - although improving ones....are examples of her perspective. This may be true...however...
Of more interest to U.S. based readers and citizens- is 'what will the US' strategy be' in relation to how to deal with a rising/emerging China that is of rough parity with the U.S? I don't see/read about any real thinking about how to deal with China on a rough parity basis. If the U.S. doesn't think this through the U.S. could fall into the Thucydides Trap - see Athens-Sparta and war when a rising power and an established power fear each other and eventually 'go to war'.
Politically - the current China Committee in the U S House of Representatives is a 'China Bashing' TV Advertisement. I don't think politically a reasonable dialogue on how to dialogue with a roughly equal adversary could take place. So blame for this is on the U S side.
China has different values than the U.S.
China has a different political system than the U.S.
China and others (BRICs) are organizing to create a trading/economic block larger than the West - to create a different currency than the U.S. Dollar and etc.
China has rough parity economic and diplomatic power.
China will soon have rough parity military power - China has more warships than the U.S. currently has.
Given all of the above - there appears to be no plan on how to deal with China on a rough parity basis -how to separate out where and how we can deal with China on areas of mutual interest - Climate Change - ways to avoid war - and ways for both countries to grow with shared benefits.
Should be of interest to those who follow U S Foreign Policy.
Carl Gallozzi
Cgallozzi@comcast.net
September 27, 2024
This book is honestly quite good. U.S. political discourse on China is a rare point of bipartisan agreement - and both sides are well off the mark. U.S. policymakers, for whatever reason, just cannot understand China. They don't understand how China thinks of itself, they don't understand how Chinese citizens relate to and operate within the state, and they certainly don't understand the complex economic and political tradeoffs and tailwinds that have given rise to China's ascendancy within the contemporary geoeconomic system.
Jin writes to provide clarity and insight into the operations of the Chinese economy and the intricacies of state behavior. It's become something of a competition in Washington to see who can decry China as "communist" most frequently. But this McCarthian pejorative fails to capture the nuance and complexity of the contemporary Chinese economy. Here, the subtitle of the book, "beyond socialism and capitalism" is illustrative.
Jin does an excellent job of describing the factors that have contributed to China's rapid economic growth and technological prowess. Importantly, she puts these numbers in a human context, acknowledging that what is most important is not China's dramatic GDP growth, but the millions of people who have been lifted out of poverty through development. Against this backdrop, critiques that Jin is a "CCP mouthpiece" fall a little flat. It's also worth mentioning that Jin offers limited and sufficiently caveated support for CCP policies and is much more interested in a causal explanation of growth than a normative exposition on statecraft.
Her analysis of China's tech sector and technological competition with the United States was one of the most engaging analyses of this issue I have ever read. I am reticent to call myself a subject matter expert on anything, but I do know a lot about U.S.-China tech competition. It's rare I read something actually insightful on the topic but this book was certainly that.
But there are also a few shortcomings. First, this title fits quite poorly with the book overall. This is not a book outlining any type of "new playbook" or suggesting any particular set of policies. So that was confusing.
Second, for whatever reason this book took me a very long time to read. I am willing to accept some of the blame - but not all of it. I've read longer and denser books more easily. This leads me to believe the writing and structure can be improved.
Last, the chapter on China's role in the global financial system I found to be unrealistic and almost gaudy. Granted, Jin is a PhD economist and I am not. With that admission thoroughly admitted, I will add that her optimism about the growing role of the Renminbi as an underpinning for the global financial system seems outlandish. There does not seem to be any clear path for the Renmenbi to topple the dollar as the standard global currency anytime in the near future. Unless of course those same lawmakers who know so little about China decide to default on US debt - which is not as absurd of an idea as it should be. Additionally, I think it would be hard to make a serious argument that a Renminbi demoninated world order would be better for most players than a dollar led one.
Jin writes to provide clarity and insight into the operations of the Chinese economy and the intricacies of state behavior. It's become something of a competition in Washington to see who can decry China as "communist" most frequently. But this McCarthian pejorative fails to capture the nuance and complexity of the contemporary Chinese economy. Here, the subtitle of the book, "beyond socialism and capitalism" is illustrative.
Jin does an excellent job of describing the factors that have contributed to China's rapid economic growth and technological prowess. Importantly, she puts these numbers in a human context, acknowledging that what is most important is not China's dramatic GDP growth, but the millions of people who have been lifted out of poverty through development. Against this backdrop, critiques that Jin is a "CCP mouthpiece" fall a little flat. It's also worth mentioning that Jin offers limited and sufficiently caveated support for CCP policies and is much more interested in a causal explanation of growth than a normative exposition on statecraft.
Her analysis of China's tech sector and technological competition with the United States was one of the most engaging analyses of this issue I have ever read. I am reticent to call myself a subject matter expert on anything, but I do know a lot about U.S.-China tech competition. It's rare I read something actually insightful on the topic but this book was certainly that.
But there are also a few shortcomings. First, this title fits quite poorly with the book overall. This is not a book outlining any type of "new playbook" or suggesting any particular set of policies. So that was confusing.
Second, for whatever reason this book took me a very long time to read. I am willing to accept some of the blame - but not all of it. I've read longer and denser books more easily. This leads me to believe the writing and structure can be improved.
Last, the chapter on China's role in the global financial system I found to be unrealistic and almost gaudy. Granted, Jin is a PhD economist and I am not. With that admission thoroughly admitted, I will add that her optimism about the growing role of the Renminbi as an underpinning for the global financial system seems outlandish. There does not seem to be any clear path for the Renmenbi to topple the dollar as the standard global currency anytime in the near future. Unless of course those same lawmakers who know so little about China decide to default on US debt - which is not as absurd of an idea as it should be. Additionally, I think it would be hard to make a serious argument that a Renminbi demoninated world order would be better for most players than a dollar led one.
October 14, 2025
Bottom line: The author says that many people she meets outside China are surprised to learn that most Chinese citizens feel proud of their country’s development and largely support & trust their government. This book does a great job explaining why that is... Viewed from this specific perspective, I think it's a worthwhile read, and I give it 4 stars. I think it does a good job exploring how China became what it is today since the 1980s, and arms the reader with insights to predict where it might go.
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If the goal of The New China Playbook is to help people outside China understand what’s really going on inside the country, then I think the book succeeds. The writing is well structured and accessible, and it does an excellent job of presenting the perspectives of different groups: CCP party leaders, bureaucrats at various levels, SOE executives, private entrepreneurs, and everyday citizens across generations.
Jin takes readers through the logic behind why people and institutions in China behave the way they do. What drives policy decisions? What shapes social attitudes? How did China arrive at where it is today? The book gives valuable insight into why the majority of Chinese citizens support and trust their government. It also provides a useful framework for understanding where China might be heading, what it hopes to achieve through goals like “common prosperity,” and the kinds of moves it might make to get there.
(Since I recently read Dan Wang’s Breakneck, I couldn't help but compare... Jin’s book feels much more comprehensive. It connects the dots between government policy, cultural history, entrepreneurship, and economic transformation in a way that makes China’s evolution more understandable to outsiders. Wang's book in comparison was really just about 1 theme.)
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All that said, the book also feels 100% sanitized. It’s clear that sensitive topics are intentionally avoided. And whenever negative or controversial issues arise, Jin tends to reframe them in a positive light or sidesteps them altogether. For example, when talking about the One Child Policy, she focuses on the positive aspects like how it improved women’s education and empowerment (arguing that these positive aspects are seldom discussed, so it's more useful to shine a light on that). When talking about topics like government subsidies and IP theft, she draws comparisons to similar unfair behavior in developed countries (and argues that issues are complex and there are differences in stages of development). When talking about forced technology transfers, she suggests that these practices are not particularly significant in the larger picture (versus ability to innovate and compete locally).
I agree with Jin that the Western narrative about China often oversimplifies things (“China is taking all our jobs!”), and it’s refreshing to see a more nuanced and well rounded portrayal. But at the same time, the book leans quite heavily, and quite consistently, on one side. Despite the author's stated position of balancing East and West viewpoints, that she is someone who represents an empathetic combination, I can't agree that's the case at all.
November 8, 2025
This book can be many things — from a carefully crafted piece of soft propaganda to an honest and insightful account of how Chinese scholars view their own economy.
Regardless of where one stands, any reader interested in China’s economy will find something valuable here — provided they remember that the author’s perspective is far from neutral. For a more detached introduction to the same topics, China’s Economy: What Everyone Needs to Know by Arthur R. Kroeber remains the better starting point.
🔹 Strengths
1. The One-Child Policy and the Culture of Saving
Jin argues that with fewer children to rely on for support, families saved more for old age and consumed less. The result was a sustained national saving rate that financed investment and growth. At the same time, families invested heavily in each child’s education, boosting human capital. Now that the policy has ended, she suggests that larger families could spend more and save less, providing a potential lift to domestic demand.
2. The Financial System as a Design for Stability
Jin affirm that China’s bank-dominated, capital-controlled financial system is a deliberate strategy for resilience against global volatility. Capital controls and policy-guided credit have insulated the country from external shocks — at the cost of inefficiency and limited support for private innovation. Shadow banking, she argues, is a natural byproduct of this setup: a tolerated outlet for savers seeking higher returns and entrepreneurs needing easier credit. Her observation that China’s stock market is unusually volatile and weakly correlated with GDP was especially insightful for me.
🔹 Mixed Ground: Technology and Trade
1. Technology — From Imitation to Creation
Jin is persuasive on China’s strength in “adaptive innovation”: scaling and localizing existing technologies for a vast domestic market. The success of Didi, Alibaba, and Tencent exemplifies this model of fast iteration and user-driven design. Yet her optimism about China’s leap toward original innovation is less convincing. The same state-led structure that powered catch-up growth often crowds out independent research, while a political climate intolerant of failure discourages experimentation.
2. International Trade — Automation versus the China Shock
Jin challenges the common claim that China “stole” Western manufacturing jobs, noting that automation and technological progress account for at least as much of the decline. The evidence supports this view, but she downplays the speed and scale of the “China shock.” After China’s WTO entry in 2001, its share of global manufacturing exports jumped from 4% to 18% within two decades. Automation was global and gradual; China’s rise was concentrated and sudden.
🔹 Weaknesses: Exceptionalism and Omitted Fragilities
1. Cultural Determinism
Jin often attributes China’s rise to cultural traits such as thrift, discipline, and long-term thinking. While culture can shape productivity (TFP), much of China’s post-1978 growth came from reallocation — moving labour and capital from inefficient sectors to productive ones — rather than from timeless virtues suddenly made economically potent.
2. The Housing Omission
The discussion of real estate feels incomplete. Given that property represents the main store of household wealth and the fiscal backbone of local governments, the lack of analysis on housing debt, land-finance traps, and their effect on consumption weakens the macro picture.
3. Macro Imbalances
Where many Western economists see a structural pathology — excess savings and weak consumption — Jin sees a coherent equilibrium designed for stability. For her, China’s blend of control and flexibility reflects rational trade-offs, not deep flaws. This perspective is valuable for understanding Beijing’s mindset, but it risks understating the long-term costs of that equilibrium.
🔹 In Short
A thoughtful insider’s defense of China’s economic model — sharp on the microeconomics of its success, less convincing on the macroeconomics of its fragilities.
Regardless of where one stands, any reader interested in China’s economy will find something valuable here — provided they remember that the author’s perspective is far from neutral. For a more detached introduction to the same topics, China’s Economy: What Everyone Needs to Know by Arthur R. Kroeber remains the better starting point.
🔹 Strengths
1. The One-Child Policy and the Culture of Saving
Jin argues that with fewer children to rely on for support, families saved more for old age and consumed less. The result was a sustained national saving rate that financed investment and growth. At the same time, families invested heavily in each child’s education, boosting human capital. Now that the policy has ended, she suggests that larger families could spend more and save less, providing a potential lift to domestic demand.
2. The Financial System as a Design for Stability
Jin affirm that China’s bank-dominated, capital-controlled financial system is a deliberate strategy for resilience against global volatility. Capital controls and policy-guided credit have insulated the country from external shocks — at the cost of inefficiency and limited support for private innovation. Shadow banking, she argues, is a natural byproduct of this setup: a tolerated outlet for savers seeking higher returns and entrepreneurs needing easier credit. Her observation that China’s stock market is unusually volatile and weakly correlated with GDP was especially insightful for me.
🔹 Mixed Ground: Technology and Trade
1. Technology — From Imitation to Creation
Jin is persuasive on China’s strength in “adaptive innovation”: scaling and localizing existing technologies for a vast domestic market. The success of Didi, Alibaba, and Tencent exemplifies this model of fast iteration and user-driven design. Yet her optimism about China’s leap toward original innovation is less convincing. The same state-led structure that powered catch-up growth often crowds out independent research, while a political climate intolerant of failure discourages experimentation.
2. International Trade — Automation versus the China Shock
Jin challenges the common claim that China “stole” Western manufacturing jobs, noting that automation and technological progress account for at least as much of the decline. The evidence supports this view, but she downplays the speed and scale of the “China shock.” After China’s WTO entry in 2001, its share of global manufacturing exports jumped from 4% to 18% within two decades. Automation was global and gradual; China’s rise was concentrated and sudden.
🔹 Weaknesses: Exceptionalism and Omitted Fragilities
1. Cultural Determinism
Jin often attributes China’s rise to cultural traits such as thrift, discipline, and long-term thinking. While culture can shape productivity (TFP), much of China’s post-1978 growth came from reallocation — moving labour and capital from inefficient sectors to productive ones — rather than from timeless virtues suddenly made economically potent.
2. The Housing Omission
The discussion of real estate feels incomplete. Given that property represents the main store of household wealth and the fiscal backbone of local governments, the lack of analysis on housing debt, land-finance traps, and their effect on consumption weakens the macro picture.
3. Macro Imbalances
Where many Western economists see a structural pathology — excess savings and weak consumption — Jin sees a coherent equilibrium designed for stability. For her, China’s blend of control and flexibility reflects rational trade-offs, not deep flaws. This perspective is valuable for understanding Beijing’s mindset, but it risks understating the long-term costs of that equilibrium.
🔹 In Short
A thoughtful insider’s defense of China’s economic model — sharp on the microeconomics of its success, less convincing on the macroeconomics of its fragilities.
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