Understanding China’s rise beyond western narrative

'The New China Playbook: Beyond Socialism and Capitalism' by Keyu Jin provides a fresh outlook on China's economic growth, bypassing the Western conception of the Chinese economy. 

A Harvard trained economist, currently an Associate professor at London School of Economics, Keyu Jin has been extensively studying the Chinese economy. As a well-known expert on Chinese economy, the author brings her academic insight along with a nuanced understanding of the cultural and historical contexts that shape the Chinese economy. 

This book is not just an economic analysis of Chinese growth; rather it is a narrative that challenges stereotypes and fosters a deeper understanding of a growing economic power.

Jin's central objective in this book is to dispel common misconceptions about China's economic model and ambitions. In the book she addresses the Western perspective of China being a state bent on world domination.

Instead, Jin presents a different portrait of China, often highlighting the internal challenges and debates within China's leadership as they navigate the new economic reforms, social transformations, and geopolitical nuances. 

The author argues that understanding China's motivations requires looking beyond simplistic binaries of 'friend or foe' and considering the unique blend of market-driven and state-controlled policies that defines the Chinese model of "Socialism with Chinese Characteristics." The book consists of ten chapters, each explaining different aspects of the Chinese economy.

At the beginning of the book, the author dives into the structural elements of China's economy, explaining how its growth model has shifted from export-driven manufacturing to domestic consumption and innovation. 

She discusses the pivotal role of the state in realising this transition. The book juxtaposes contributions of private firms and State-Owned Enterprises (SOE) that have made the economy possible. Her analysis of the 'dual circulation' strategy aimed at balancing domestic and international economic engagement is particularly tantalising. 

Jin effectively explains how this strategy reflects both a response to external pressures, such as trade tensions with the United States, and an internal need to address income inequality and social mobility with an emphasis on aging demography and regional disparities. 

What sets this book apart from other works on the subject is the author's ability to explain the economic story in an easy-to-understand way. She introduces readers to the aspirations and anxieties of ordinary Chinese citizens, from tech entrepreneurs and factory workers to rural farmers and urban middle-class families. 

By including these personal stories into her analysis, Jin underscores the social dimensions of China's economic transformation. This helps the readers grasp the reasons behind the policies that shape the contemporary Chinese state as well as the society.

Jin's work is particularly valuable for those who want to understand China's growing global influence. She analyses how the country's economic rise has reshaped international trade, finance, and governance. 

At the same time, she critiques the traditional mentality that often dominates Western discourse on China's growth. The author advocates for a more collaborative global approach. She explains that mutual understanding and cooperation are essential to addressing shared challenges, such as climate change, technological regulation, and global economic stability. She also claims that China's rise is not a fluke. It is a pivotal phenomenon in this era of globalisation.

One of the book's greatest strengths is Jin's balanced perspective. She neither glorifies nor vilifies China's economic model, thus offering a thoughtful critique that acknowledges both Chinese successes and shortcomings. 

However, some readers may find her optimism about China's ability to reform and adapt overly confident. While Jin highlights the government's capacity for strategic planning, she is less critical of the risks posed by centralised decision-making. She is less critical of suppression of dissents and potential pitfalls that the system might carry out, which might lead to the undermining of these efforts in the long run.

'The New China Playbook' is a must read for anyone seeking to understand the complexities of China's economic and political landscape. Keyu Jin's insightful analysis and engaging narrative make this book a valuable resource for policymakers, business leaders, academics, and general readers alike. 

By offering a nuanced portrayal of China's ambitions and challenges, Jin invites us to move beyond fear and suspicion, and engage with China's rise in a more informed and constructive way. This book is not just about China, but rather about the interconnected future of the global economy.

Sadi Mohamod Sadi is a final- year BSS student of International Relations at Jahangirnagar University. He can be reached at sadi007mohammod@gmail.com.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.