Archive

Adam Tooze

Chartbook Newsletter #8: China

As far as the economy is concerned there are three types of story about China right now.

The baseline are the stories of dramatic and relentless economic growth. Not by accident, they lend themselves to statistical enumeration. They describe an ongoing, unprecedented, world-transforming growth surge.

Then there are the stories about a precarious structure of debt and credit built on that growth. It is as at risk of toppling or suddenly contracting.

Finally, there are the stories about regime interventions: managerial, regulatory, expansive and repressive, actions that range from concentration camps in Xinjiang, to giant commitments on decarbonization, to the abrupt cancelation of the largest IPO in the world.

Together, the three form a loosely articulated, vaguely dialectical whole.

Read More »