3 startling facts of last 10y #China: Exports moved up from low-wage assembly (iPhones) to Capital goods & white goods; It now competes with S Korean & German firms ('China Shock' 2?); Workers wages have ↑ 300% h/t @hancocktom https://twitter.com/70sBachchan/status/1032388533707669505
Stunning change in just 10 years. https://twitter.com/hancocktom/status/1194117033291419653
China's Industrial policy = Hamiltonian state finance + Jacksonian trade protection + Fordist assembly lines + Kennedyesque R&D spending.

US really should have taken out IP on its history!
Globalization of past 20y has worked well for Chinese workers, US banks & US consumers. But worked badly for Chinese banks, Chinese consumers, US producers and US workers.
Essential @michaelxpettis book "Trade Wars are Class Wars"
https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars https://twitter.com/michaelxpettis/status/1196678214887727104
Many are still stuck in pre-Crash view of China's economy as a low-cost export powerhouse. Post-Crash China is a domestic demand-driven economy. A vast internal market supercharged by a logistics revolution (cheap transport) that attracts the worlds firms. https://www.ft.com/content/a7a8bf98-4f12-11ea-95a0-43d18ec715f5?accessToken=zwAAAXBH8eTAkdOnqL-YTxIR6tOVoEPRjscV9Q.MEUCIQDkVfaMC0je2kmqKZVQEctH-t4zY2JHzLaKe7nadoglwQIgR6sxuyfk3idxg0UE3ta5T9TGbRbqddqa0KzWbI7zy9o&sharetype=gift?token=ba7a64bc-15c5-45dd-9a2a-d9aaff0d49cf
China's Stimulus into city-clusters post '08 is old hat. Less known is its supersizing US/EU 20thC intermodal transport model to increase size of internal mkt. Removing blockages in rail, road, water, warehouses supported by FDI drove logistics revolution
Sound familiar? Thickly populated wealthy industrial Eastern seaboard; ppl poor resource-rich hinterlands in the West; Railroads & real-estate financial boom; Cheap water transport along great Rivers; Massive FDI & flow of know-how from a richer continent. https://twitter.com/70sBachchan/status/1194643097453355008
Excellent analysis of urban metabolism in China's clusters. Its accounting of city-level CO2 by industry & energy/resource flows further afield. Large cuts (>30%) possible by changing small # of super-emitting infra ht @SteveDavisUCI @yuli_shan @DaboGuan https://advances.sciencemag.org/content/4/6/eaaq0390
China's Post-08 restructuring was 𝘪𝘯𝘵𝘦𝘳𝘥𝘦𝘱𝘦𝘯𝘥𝘦𝘯𝘵 w West. Crash caused by US-EU banks collapsed Trade. Staggering🇨🇳stimulus, smaller US & EU's Austerity were choices.🇨🇳demand for Jap/Ger cars, US MNC's, Aus coal, LatAm Ag etc kept systm afloat https://www.ft.com/content/df82b67c-a5f2-4ee2-b168-85f4bbb9b05f
Wuhan went from a backwater to a 2nd tier city after China's urbanization post 2008. It became a Auto hub as companies such as GM, Renault, and Nissan set up factories further inland for China's booming internal market. ht Andrew Liu https://www.theguardian.com/commentisfree/2020/apr/10/blaming-china-coronavirus-pandemic-capitalist-globalisation-scapegoat
Simply the most astonishing Farm->Factory->Services transition in history. Carbon fuelled mechanization & urbanization created a vast domestic market that attracts the worlds firms & sustains global growth. Nice @adam_tooze podcast https://www.ft.com/content/df82b67c-a5f2-4ee2-b168-85f4bbb9b05f https://twitter.com/adam_tooze/status/1285680953545953283
Sound familiar? Though tens of millions have lost jobs in cities, & rural ppl in distress amid flood disasters, luxury brands in China clock record sales.
Inequality widens in China's new Gilded age. ( @yuenyuenang's excellent book https://sites.lsa.umich.edu/yy-ang/wp-content/uploads/sites/427/2020/03/Chinas-Gilded-Age-SummaryIntroduction.pdf https://twitter.com/yuenyuenang/status/1297259980945600512
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