Alicia García‑Herrero

speaker

388 appearances 1 recordings 1 series first heard Aug 2026 last heard 6 Aug

Alicia García‑Herrero’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Aug 2026 with 1.

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Pekingology · Inside China's Dual Economy · 6 Aug 2026 podcast

I wouldn't even talk about growth objectives anymore, but employment objectives.

At the same time, they need to deploy robots.

So, for example, they have, not sure whether this is on, but it was on until last year.

They offer rewards for basically installation of robots, so automation of companies at the local government level.

So basically you are induced, if you want, you're pushed to automate.

But at the same time, they do not want you to lay off workers.

So what's the final result is that workers might not be laid off, but they work fewer hours.

They take unpaid leave.

So the actual wage growth.

In other words, because their objectives are contradictory in a way, I think local governments can't do much more than just surviving these objectives in a way.

Yeah.

So maybe they keep labor, but they can't pay high salaries, actually lower and lower.

And at the same time, they automate.

So over time, this problem becomes a bomb because at some point, the companies won't be able to keep all of these workers, which were not productive.

And they cannot keep that salaries even if low.

So for me, the local governments are now, what are they doing?

We saw that, by the way, with the second quarter GDP data, they're cutting on infrastructure.

So if you look at the massive reduction in fixed asset investment, minus 5% growth is really never heard of in China.

The real trigger was investment infrastructure, minus 2.8 for the first time.

From 8, like, why?

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