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The Disconnect in Chinese Education
Victor Shih discusses the educational structure in China, highlighting how students are tracked into STEM or social sciences, often neglecting fundamental economic principles like supply and demand. He emphasizes that while government ideology classes are mandatory, essential economic education is not prioritized, leading to a gap in understanding basic economics among high-ranking officials.
"If you study economics in at least an American university, you'll learn about like supply demand, here's why certain regulations can be bad. Here's why tariffs are bad. Just the basic 101 teaches you ..."
The Disconnect in Chinese Economic Education
Victor Shih discusses the fundamental gaps in economic education within China, highlighting how students are often tracked into STEM fields, leaving them with little to no understanding of basic economic principles like supply and demand. Instead, they are required to take classes focused on government ideology, which do not equip them with essential economic skills. This educational structure contributes to the economic missteps observed in Chinese policy-making.
"If you study economics in at least an American university, you'll learn about like supply demand, here's why certain regulations can be bad. Here's why tariffs are bad. Just the basic 101 teaches you ..."
The Power of Xi Jinping's Influence
Shih explains the contemporary dynamics within the Chinese Communist Party, focusing on the overwhelming influence of Xi Jinping. He notes that public bureau members, who once had some autonomy, are now compelled to align with Xi's policy preferences, fearing purging if they deviate. This shift in power dynamics contributes to the persistence of economic missteps despite an understanding of basic economic principles.
"traditional reason the new reason is that uh we have one very very powerful figure in the Chinese Communist Party such that even if you're a public bureau member which used to give you some autonomy i..."
The Power Dynamics in Chinese Governance
Shih elaborates on the current political landscape in China, emphasizing the overwhelming influence of Xi Jinping within the Communist Party. He explains how this concentration of power has diminished the autonomy of public bureau members, forcing them to align strictly with Xi's policy preferences. This shift in governance leads to a lack of independent economic decision-making, further exacerbating the disconnect between economic theory and practice in China.
"traditional reason the new reason is that uh we have one very very powerful figure in the Chinese Communist Party such that even if you're a public bureau member which used to give you some autonomy i..."