The New China Playbook: Beyond Socialism and Capitalism

by Keyu Jin

Overview

“Keyu Jin is a brilliant thinker.” —Tony Blair, former prime minster of the United Kingdom

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.

Product Details

ISBN-13:	9781984878281
Publisher:	Penguin Publishing Group
Publication date:	05/16/2023
Pages:	368
Sales rank:	166,727
Product dimensions:	6.00(w) x 9.10(h) x 1.40(d)

About the Author

Keyu Jin is an associate professor of eco­nomics at the London School of Economics and Political Science who has worked with the China Banking and Insurance Regulatory Commission, the World Bank, and the International Monetary Fund. She is currently a global board member for Richemont. Born and raised in Beijing, she holds a BA, an MA, and a PhD in eco­nomics from Harvard University, and resides with her family in London and Beijing.

Editorial Reviews

03/27/2023

Americans’ misunderstanding of China’s economic growth keeps the two nations in unnecessary conflict, argues Jin, a professor at the London School of Economics, in her thoughtful debut. “Consumers, entrepreneurs, and the state: in China none of them behaves like a conventional economic agent,” she argues, suggesting that China’s economy works through a distinctive interplay between a powerful central state and an ascendant private sector. Digging into the history of China’s recent economic boom, she tells how in 1978 Deng Xiaoping, China’s supreme leader, instituted reforms moving the country away from Soviet-style central planning toward a market economy, inaugurating a system in which the state retained wide-reaching powers that allowed it to bolster the fledgling economy. Jin emphasizes the success of China’s hybrid model, noting that reforms lifted hundreds of millions of citizens out of poverty, but she sometimes comes across as overly sanguine, as when she discusses polls that suggest Chinese citizens overwhelmingly have positive views of their government without noting whether this holds for, say, Uyghur people oppressed by the state. Still, she makes clear that the Chinese economy is far more complex than U.S. discourse lets on, and she offers an astute take on how the Chinese state cooperates with and intervenes in the private market. This elevates the conversation on U.S.-China relations. (May)

Publishers Weekly

"Jin doesn’t ignore China’s faults and failings . . . she tells a nuanced story that deserves attention at a time of extreme tension between China and the United States.” —Peter Coy, The New York Times

“Jin avoids ideology and instead frames basic economic agents in the same manner as any other country. As a result, English-language readers will come away with a more informed and empathetic picture of this still-developing country.” —Asian Review of Books

The New China Playbook offers a different perspective than many Western policymakers do about China. —NPR

"The biggest geo-political change of the 21st century will be the end of exclusive Western political and economic dominance. The rise of China is at the core of this change and Keyu Jin is a brilliant thinker to take us through its implications from the perspective of someone who understands both China and the West. It is this combination of insider and outsider insight which makes The New China Playbook essential reading." —Tony Blair, former Prime Minster of The United Kingdom

"China is running on a new playbook for innovation and technology.  As a bicultural economics expert, Professor Keyu Jin understands this playbook, and demystifies it for the global audience.  This book is an invaluable lens to understand the modern anatomy of China." —Kai-Fu Lee, Chairman & CEO, Sinovation Ventures and New York Times bestselling author of AI Superpowers
 
“During the 20 years of my Presidency, through the many meetings with Xi Jinping and other Chinese leaders, I tried to understand China. Now Keyu Jin provides a brilliant guidebook, a must read for everyone in business and politics engaged in the global economy.” –Olafur Ragnar Grimsson, former President of Iceland and Chair of the Artic Circle

"A revelatory exposition of China's juggernaut economy and the rise of its entrepreneurs. Keyu Jin provides the roadmap to understanding the Chinese economy and places it within a global context. This is a must-read for anyone doing business in or with China today.” —William Ding, founder and chairman of NetEase

"The most important  book on China in many years, written with stunning eloquence and clarity.  Jin does not cover the warts, but insists on a holistic view.  Anyone who want to understand China, and how to engage with it economically and politically, will greatly benefit from this deeply original book." —Kenneth Rogoff, Maurits C. Boas Chair of International Economics, Harvard University

“Much has been written about China, but it is rare to read an author such as Keyu Jin, who can so naturally and seamlessly blend two perspectives. If you are interested in a true conversation, this is the book worth reading.” —Charles Li, former Chief Executive of Hong Kong Exchanges and Clearing Limited


“China's economic evolution may well determine the future of the world economy, the global environment and geopolitics.  Keyu Jin offers a bold, sound, and profoundly important view of where the Chinese economy is going. Her view needs to be carefully considered by all who will be affected by China, and that means almost everyone." —Lawrence H. Summers, former United States Secretary of the Treasury and President Emeritus of Harvard University

From the Publisher

03/01/2022

A London School of Economics professor and adviser to the China Banking Regulatory Commission, born in China and U.S.-educated Jin offers a far-reaching picture of how China became a world financial power, focusing on the radical break from mostly state-owned enterprises that led to the current entrepreneur-driven economy. She also looks to the future as she presents China as an economic model for the world.

Library Journal

2023-03-03
A respected academic provides a nuanced examination of China’s past, present, and future.

China has always been difficult for many Westerners to understand, but the issue has become increasingly crucial as the country’s global role has grown. Jin, who grew up in China and retains strong connections there, was educated in the U.S. and is now a professor at the London School of Economics. With this background, she is well qualified to play the role of cultural interpreter. She has a special interest in the problems now emerging in China as the society struggles to move from an unremitting focus on economic growth to quality-of-life and equity issues. Jin notes that China’s transition from an impoverished, rural country to a wealthy, urbanized society has been remarkably fast. The private sector has driven the growth, especially in the past two decades, but the government remains firmly in control, with a complex system of incentives, rules, easy credit, and government-owned enterprises. The author traces key policies since the time of Deng, and she delves into the impact of the “one-child policy,” an area often overlooked by armchair commentators. For the most part, the Chinese people are willing to accept government direction, including a high degree of personal surveillance and intervention in their lives. They value security over freedom and generally believe that China requires a powerful central authority. Significantly, the younger generation is in many ways more conservative than their parents despite their taste for Western brands and lifestyles. Jin acknowledges China’s incredible progress but wonders what the future holds. “China’s central leadership, which spurred the most successful economic growth story of our time, could also make choices that might have the opposite effect in the future,” she concludes. “The power of the state provides the system’s greatest potential and also poses its gravest inherent risk.”

Mixing research with personal experience, Jin offers critical insights about the future of China and its global impact.

Kirkus Reviews