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 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

So it's not only like a single point, it's like the whole average is much higher.

We're talking about probably 10% response higher.

So that excess saving has actually, it comes also with very low returns on that saving as it couldn't be otherwise.

But even Japan's low returns happen once the bubble collapse and deflation.

No, China has had low returns on savings from the beginning.

So that very easy funding of this massive industrial policy

has been happening for decades.

I think that's very different for China.

The labor share, which means the amount of GDP that is allocated to labor compared to capital, is tiny in China.

It's around 30%.

It's actually half of the U.S.

So why is this the case?

Because again,

wages throughout.

There was a little bit of a blip with Wen Jiabao after the global financial crisis to kind of push up consumption, which didn't work.

But there was an attempt to do that.

But other than that, wage growth in China has been minimal compared to their

actual growth of GDP.

So throughout these decades, not now, but throughout these decades, actually labor has been subsidizing capital or making capital operate to become industrially more developed.

So what I'm saying in that title is not new.

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