Key Focus

  • But as everyone recognizes by now, China's manufacturing prowess is not the result of unfettered market forces.
    As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies
  • But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. In other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
    By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, producing improved economic performance, then it is not clear why foreigners should complain
  • The growth policies that today arouse other countries'ire are the reason China has become such a large market for Western exporters and investors.
    But aren't Chinese industrial policies, such as those deployed in medical supplies, unfair to competitors elsewhere.
    We should exercise caution before reaching such a verdict


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High Level Topics

  • CHINA
  • CHINESE
  • ECONOMIC
  • POLICY
  • High Level Abstractions

  • CHINA(6, 0 Order)
  • ( CHINA )(6, 0 Order)  top
  • ( CHINA, CHINESE )(3, 1st Order)  top
  • ( CHINA, POLICY )(3, 1st Order)  top
  • ( CHINA, MEDICAL )(3, 1st Order)  top
  • ( CHINA, POLICIES )(1, 1st Order)  top
  • ( CHINA, MARKETS )(1, 1st Order)  top
  • ( CHINA, INDUSTRIES )(2, 1st Order)  top
  • ( CHINA, GLOBAL )(2, 1st Order)  top
  • ( CHINA, COUNTRIES )(2, 1st Order)  top
  • ( CHINA, UNFETTERED )(1, 1st Order)  top
  • ( CHINA, THE_US )(1, 1st Order)  top
  • ( CHINA, PRESUME )(1, 1st Order)  top
  • ( CHINA, PERFORMANCE )(1, 1st Order)  top
  • CHINESE(6, 0 Order)
  • ( CHINESE )(6, 0 Order)  top
  • ( CHINESE, MEDICAL )(3, 1st Order)  top
  • ( CHINESE, POLICY )(2, 1st Order)  top
  • ( CHINESE, PRESUME )(2, 1st Order)  top
  • ( CHINESE, POLICIES )(1, 1st Order)  top
  • ( CHINESE, INDUSTRIES )(2, 1st Order)  top
  • ( CHINESE, GOVERNMENTS )(2, 1st Order)  top
  • ( CHINESE, ECONOMISTS )(2, 1st Order)  top
  • ( CHINESE, ECONOMIC )(2, 1st Order)  top
  • ( CHINESE, COUNTRIES )(1, 1st Order)  top
  • ( CHINESE, COSTS )(2, 1st Order)  top
  • ( CHINESE, CONSUMERS )(2, 1st Order)  top
  • ECONOMIC(2, 0 Order)
  • ( ECONOMIC )(2, 0 Order)  top
  • POLICY(5, 0 Order)
  • ( POLICY )(5, 0 Order)  top
  • ( POLICY, POLICIES )(2, 1st Order)  top
  • ( POLICY, INDUSTRIES )(3, 1st Order)  top
  • ( POLICY, MEDICAL )(2, 1st Order)  top
  • ( POLICY, ECONOMY )(2, 1st Order)  top
  • ( POLICY, COUNTRIES )(2, 1st Order)  top
  • ( POLICY, UNFETTERED )(1, 1st Order)  top
  • ( POLICY, THE_US )(1, 1st Order)  top
  • ( POLICY, TECHNOLOGIES )(1, 1st Order)  top
  • ( POLICY, SPILLOVERS )(1, 1st Order)  top
  • ( POLICY, SOLAR )(1, 1st Order)  top
  • References

    • ( CHINA )  top
    • ( CHINA, CHINESE )  top
    • (Read more)   top
      As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies
    • (Read more)   top
      But aren't Chinese industrial policies, such as those deployed in medical supplies, unfair to competitors elsewhere.
      We should exercise caution before reaching such a verdict
    • (Read more)   top ... many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. In other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
      By the same logic, if Chinese policymakers effectively targeted activities where...
    • ( CHINA, POLICY )  top
    • (Read more)   top
      As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies
    • (Read more)   top ... economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. In other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
      By the same logic, if Chinese policymakers effectively targeted activities where social benefits...
    • (Read more)   top. The US, for one, has a long history of successful industrial policy, particularly in defense-related technologies.
    • ( CHINA, MEDICAL )  top
    • (Read more)   top"China has laid the groundwork to dominate the market for protective and medical supplies for years to come," according to recent reporting by the New York Times.
      When China first turned toward global markets, it had the advantage of virtually unlimited supplies of low-cost...
    • (Read more)   top
      As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies.
    • (Read more)   top
      But aren't Chinese industrial policies, such as those deployed in medical supplies, unfair to competitors elsewhere.
      We should exercise caution before reaching such a verdict
    • ( CHINA, POLICIES )  top
    • (Read more)   top But these gains did not come at the expense of the rest of the world. The growth policies that today arouse other countries'ire are the reason China has become such a large market for Western exporters and investors.
      But aren't Chinese industrial policies, such as those deployed...
    • ( CHINA, MARKETS )  top
    • (Read more)   top
      When China first turned toward global markets, it had the advantage of virtually unlimited supplies of low-cost labor. But as everyone recognizes by now, China's manufacturing prowess is not the result of unfettered market forces.
      As part...
    • ( CHINA, INDUSTRIES )  top
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • (Read more)   top
      None of this is an argument for other countries to stand idly by while China progresses to ever more sophisticated industries. The US, for one, has a long history of successful industrial policy, particularly in defense-related technologies
    • ( CHINA, GLOBAL )  top
    • (Read more)   top
      When China first turned toward global markets, it had the advantage of virtually unlimited supplies of low-cost labor. But as everyone recognizes by now, China's manufacturing prowess is not the result of unfettered market forces.
      As...
    • (Read more)   top
      Western media are now replete with accounts of China's "drive to dominate important cogs in the global industrial machine," in the words of the New York Times again.
    • ( CHINA, COUNTRIES )  top
    • (Read more)   top But these gains did not come at the expense of the rest of the world. The growth policies that today arouse other countries'ire are the reason China has become such a large market for Western exporters and investors.
      But aren't Chinese industrial policies, such as those deployed in medical supplies, unfair to competitors...
    • (Read more)   top
      None of this is an argument for other countries to stand idly by while China progresses to ever more sophisticated industries. The US, for one, has a long history of successful industrial policy, particularly in defense-related technologies
    • ( CHINA, UNFETTERED )  top
    • (Read more)   top. But as everyone recognizes by now, China's manufacturing prowess is not the result of unfettered market forces.
      As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies
    • ( CHINA, THE_US )  top
    • (Read more)   top. The US, for one, has a long history of successful industrial policy, particularly in defense-related technologies
    • ( CHINA, PRESUME )  top
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • ( CHINA, PERFORMANCE )  top
    • (Read more)   top
      By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, producing improved economic performance, then it is not clear why foreigners should complain.
    • ( CHINESE )  top
    • ( CHINESE, MEDICAL )  top
    • (Read more)   topSee ( CHINA , MEDICAL )
    • (Read more)   top
      For example, Sichuan, China's second-largest province, reduced by half the number of categories for which imports of medical equipment were allowed.
    • ( CHINESE, POLICY )  top
    • (Read more)   topSee ( CHINA , POLICY )
    • ( CHINESE, PRESUME )  top
    • (Read more)   top China as Economic Bogeyman
      Jul 9, 2020
      DANI RODRIK
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • (Read more)   topSee ( CHINA , PRESUME )
    • ( CHINESE, POLICIES )  top
    • (Read more)   top The growth policies that today arouse other countries'ire are the reason China has become such a large market for Western exporters and investors.
      But aren't Chinese industrial policies, such as those deployed...
    • ( CHINESE, INDUSTRIES )  top
    • (Read more)   top China as Economic Bogeyman
      Jul 9, 2020
      DANI RODRIK
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • (Read more)   topSee ( CHINA , INDUSTRIES )
    • ( CHINESE, GOVERNMENTS )  top
    • (Read more)   top China as Economic Bogeyman
      Jul 9, 2020
      DANI RODRIK
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • ( CHINESE, ECONOMISTS )  top
    • (Read more)   top China as Economic Bogeyman
      Jul 9, 2020
      DANI RODRIK
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs
    • ( CHINESE, ECONOMIC )  top
    • (Read more)   top
      By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, producing improved economic performance, then it is not clear why foreigners should complain.
    • (Read more)   top." But economic considerations suggest this is the wrong focus. The needs and remedies lie in the domestic sphere
    • ( CHINESE, COUNTRIES )  top
    • (Read more)   top The growth policies that today arouse other countries'ire are the reason China has become such a large market for Western exporters and investors.
      But aren't Chinese industrial policies, such as those deployed in medical supplies, unfair to competitors...
    • ( CHINESE, COSTS )  top
    • (Read more)   top
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, then it is not clear why foreigners should complain.
      As COVID-19 spread...
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. In other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
      By the same logic, if Chinese policymakers effectively...
    • ( CHINESE, CONSUMERS )  top
    • (Read more)   top China as Economic Bogeyman
      Jul 9, 2020
      DANI RODRIK
      Many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, then it is not clear why foreigners...
    • (Read more)   top But many Western economists presume that governments are not very good at identifying industries that merit support, and that domestic consumers and taxpayers incur the bulk of the costs. In other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
      By the...
    • ( ECONOMIC )  top
    • (Read more)   top ... magazine; the complete PS archive; and more - all for less than $2 a week. The strategic and geopolitical tensions between the US and China are real. They are grounded in China's growing economic and military power and US leaders'reluctance to recognize the reality of a necessarily multipolar world
    • (Read more)   top... to spend $100 billion over the next five years on new technologies. Much of the new push for industrial policy in the US and Europe is motivated by the perceived Chinese "threat." But economic considerations suggest this is the wrong focus. The needs and remedies lie in the domestic sphere
    • ( POLICY )  top
    • ( POLICY, POLICIES )  top
    • (Read more)   topSee ( CHINESE , POLICIES )
    • (Read more)   top. Industrial policies can be justifiably restricted when they enable the exercise of market power at the expense of the rest of the world.
      But Chinese producers are rarely accused of propping up prices, which is the...
    • ( POLICY, INDUSTRIES )  top
    • (Read more)   top. The standard justification for industrial policy is that new industries produce learning spillovers, technological externalities, and other broad social benefits that render state support desirable
    • (Read more)   topSee ( CHINA , INDUSTRIES )
    • ( POLICY, MEDICAL )  top
    • (Read more)   topSee ( CHINA , MEDICAL )
    • ( POLICY, ECONOMY )  top
    • (Read more)   topIn other words, if Chinese industrial policy has been misguided and misdirected, it is China's own economy that has suffered as a result.
      By the same logic, if Chinese policymakers effectively targeted activities where social benefits exceed private benefits, producing improved economic performance,...
    • (Read more)   topThere is now broad political agreement in the US political spectrum that the country needs a more explicit industrial policy targeting good jobs, innovation, and a green economy.
    • ( POLICY, COUNTRIES )  top
    • (Read more)   topSee ( CHINESE , COUNTRIES )
    • (Read more)   topSee ( CHINA , COUNTRIES )
    • ( POLICY, UNFETTERED )  top
    • (Read more)   top But as everyone recognizes by now, China's manufacturing prowess is not the result of unfettered market forces.
      As part of its Made in China 2025 policy, the Chinese government targeted ambitious increases in domestic producers'share of global medical supplies
    • ( POLICY, THE_US )  top
    • (Read more)   topSee ( CHINA , THE_US )
    • ( POLICY, TECHNOLOGIES )  top
    • (Read more)   topThe US, for one, has a long history of successful industrial policy, particularly in defense-related technologies. There is now broad political agreement in the US political spectrum that the country needs a more explicit industrial policy targeting good jobs, innovation, and a green economy
    • ( POLICY, SPILLOVERS )  top
    • (Read more)   top. The standard justification for industrial policy is that new industries produce learning spillovers, technological externalities, and other broad social benefits that render state support desirable
    • ( POLICY, SOLAR )  top
    • (Read more)   topChinese subsidies for solar panels and wind turbines have produced a decline in the cost of renewable energy - an enormous benefit for the rest of the world.
      The economics of industrial policy can get more complicated in...