Martin Wolf

speaker

495 appearances 3 recordings 1 series first heard Nov 2024 last heard Jun 2025

Martin Wolf’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: A new world reorder, with FT’s Martin Wolf · 15 Nov 2024 podcast

But yes, it is clear they have to move to a world in which consumption, which is now the lowest share of GDP in any major economy ever, that that has to move up.

Uh uh and it has to be private and public consumption, and the economy becomes what we would think more balance.

The

The the very high savings, high investment economy that China has had has been ceasing, I think, for quite a long time to be really functional.

They did exactly what the Japanese did, but at a much poorer level, relative level, in making the real estate boom the thing that picked up when the industrial investment boom and export boom was tail off, and that's what the Japanese

Chinese did in the 80s, and we know the consequence.

The Chinese tried to do the same.

I pointed this out many times, and it wouldn't last forever.

And we've now got to the end of that.

So they have to move to a new stage.

And I would summarize that as essentially a mass consumption stage.

Now, of course, the investment in the Green Revolution is a huge potential.

Investment in high-tech, uh high-tech activities.

including electric vehicles, is there are lots of other opportunities.

They'd still be investing a lot, but the balance of the economy has to shift to consumption, and this attack on Chinese exports is going to have to force an acceleration of that policy transformation.

th think that the um uh Europe will retaliate, so and that could then lead to counter retaliation and we could perfectly well end up with a with a uh a trade war which collapses world trade.

I think uh because US might also go to other against other countries.

But y look at it this way.

I mean if uh

It just focus on China.

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