How China is fighting ‘involution’, with Yanmei Xie

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• 00:01

  China's economy is unbalanced.

• 00:04

  It's struggling with weak demand and energetically pushing out exports to the rest of the world.

• 00:09

  You could think of the global economy as a dinner table,

• 00:12

  where China is making huge amounts of food but without the appetite to eat much itself.

• 00:17

  You could also argue that there's no problem.

• 00:19

  The food is delicious and nutritious and everyone's getting fed.

• 00:23

  But behind the scenes, China is working really hard to produce all of those elaborate dishes.

• 00:29

  so hard that it feels unsustainable.

• 00:32

  It feels like a problem.

• 00:34

  This week,

• 00:35

  I'm going to ask what the Chinese leadership and the rest of the world should be doing about it.

• 00:46

  This is The Economics Show with Simea Keynes.

• 00:49

  I'm in the FT's London studio and I'm joined by Yanmei Xie, who's speaking to me from Barcelona.

• 00:54

  Yanmei is a senior associate fellow at the Mercator Institute for China Studies and an expert on Chinese political economy and geopolitics.

• 01:03

  Yanmei, hello.

• 01:04

  Hello, thank you for having me.

• 01:06

  Thanks so much for being here.

• 01:08

  OK, so on a scale of 1 to 10,

• 01:11

  how big of a priority is it for the Chinese leadership to reduce China's external imbalances,

• 01:18

  so its trade imbalances with the rest of the world?

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