Yan Wang

speaker

275 appearances 1 recordings 1 series first heard Sep 2024 last heard Sep 2024

Yan Wang’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: China’s Missed Opportunity · 6 Sep 2024 podcast

So we saw that during zero COVID policy, you know, everybody was having them that policy was wrong, but then they just

doing that for another year and then I think that really played a big role in creating the economic problem that we are having today.

So I think the the increase in policy uncertainty, this kind of unpredictability of the policy environment is a big factor uh in creating this kind of liquid uh the uh confidence crisis.

Absolutely, yeah, that that's a great point.

That's I think to some extent that indeed uh is what's causing this problem.

Uh, you know, as I said, this kind of confidence crisis is also among local officials.

Uh, because if you think about it, um in China, you know, why China was able to achieve this kind of massive prosperity within such a short period of time, I think the two

Engines were one, you have private enterprises just in from zero to one, right?

So it just became so much uh powerful in the economy, became the dominant part of the economy.

Uh, number one.

Number two is actually local officials, local governments.

They were competing with each other.

They draw, they were trying, they were competing with each other to drive growth.

So that's why you have these two engines.

uh that was driving ch that were driving China in the past, let's say, for some years.

And then because of the policy and predictability, the numerous crackdown from Beijing on a lot of sectors, like you know, on education, uh finance, um real estate, um like gaming, right?

So they pretty much dampened the private enterprises and then the anti-corruption campaign.

You know, they have it has been going on for over 10 years.

And then also the party, the central uh uh the government tightened uh party discipline over local officials.

So then the anti-corruption and this kind of very tight party discipline also constrained

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