1/ Good article on the relationship in China between jobs and exports. I would add that there is an internal contradiction within China’s new “dual circulation” model. China’s export “competitiveness", as @M_C_Klein and I explain in our book, depends... https://www.scmp.com/economy/china-economy/article/3096248/chinas-migrant-workers-facing-end-era-worlds-factories-winds?utm_source=Twitter&utm_medium=share_widget&utm_campaign=3096248

2/ on ensuring that workers are allocated – directly, as wages, and indirectly in the form of a social safety net, interest rates on deposits, transfers, etc. – a very low share of what they produce. But China cannot hope to rely on domestic...

https://yalebooks.yale.edu/book/9780300244175/trade-wars-are-class-wars

3/ consumption to drive a much greater share of growth until workers begin to receive a much higher share of what they produce.

Ultimately this cannot help but be a very difficult transition. I suspect that Beijing will try at first to resolve the contradiction by focusing...

4/ more on indirect transfers than on raising wages, but not only will this take longer to accomplish, it will also make export “subsidies” explicit, and these will have to be funded either by more debt or by forcing local governments to liquidate assets.