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
https://www.ft.com/content/cdc53aee-bc2e-11e8-94b2-17176fbf93f5

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
https://americanaffairsjournal.org/2019/05/chinas-city-clusters-pioneering-future-mega-urban-governance/

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. Staggeringstimulus, 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