Alicia García‑Herrero

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

And that's ultimately hegemony.

So that's the title of the paper indeed.

Yeah.

So I would argue that from the very beginning, this model that now is clearly dual.

You look at Chinese exports as opposed to Chinese consumption.

Everybody can relate to the concept of duality.

It's not only China in a way.

We hear a lot about the K-shape economies of Taiwan or Korea.

But I'm going to argue we're talking about a very different thing.

When we talk about K-shape, it's mostly income distribution, you know, like...

Those in the right sectors, whether it's ICT, AI, doing increasingly well, and then the rest of the economy or the workers, their labor share going down, as we economists say.

No, China is different.

For China, the bulk of the workers is actually subsidizing, and I'll explain that in more detail, subsidizing that industrial upgrade.

So it is different.

It's not the same K-shaped economy of the rest of the world.

So why is this the case or how can this be?

First of all, because China's saving ratio is by far the highest in the world, some people like to compare China to Japan, whether it's deflation, whether it's export-driven growth.

Actually, when you look at the details, Japan never had inflation.

And it's Japan in the 80s.

Not even Japan in the 80s had the saving ratio that China has had throughout these decades.

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