Episode description

There is no doubt about it: China is rising. Whether it sparks hope and interest or fear and worry, it is impossible to ignore the country’s rapid economic and social transformation. Just a few decades ago, the words “made in China” were a synonym for bad quality junk. But today, China leads the world in all manner of high-tech industries, including photovoltaic cells, semiconductors, 5G communications technologies, and electric vehicles.

Joining “MintCast” host today is someone who knows China extremely well. John Ross is an economist and a senior fellow at the Chongyang Institute for Financial Studies of the Renmin University of China. As far back as 1992, he accurately predicted the failure of economic reform in Russia and Eastern Europe and its success in China. He is the author of the book, “China’s Great Road: Lessons for Marxist Theory and Socialist Practices.” He writes on Chinese politics and economics on his website, “Learning From China.”

While many in the West take a very dim view of China, Ross is far more positive, telling MacLeod that China has seen the highest sustained economic growth of any country in world history. “People don’t understand the scale of China’s success, and they still don’t understand what it means, therefore, in the transformation of the lives of ordinary Chinese people,” he said.

Few in the Western media landscape would agree with Ross’ position. Some might acknowledge China’s rapid and remarkable transformation, but many are predicting that it is now entering a permanent slump or even an economic meltdown due to a property crash.

Ross brushed off these concerns. “These articles are a farce,” he said, suggesting that a good course of action for understanding the truth about China is to “Read ‘The Economist’ and assume that the opposite is going to take place.” He also noted that the current trade war with China has nothing to do with human rights, the rules-based international order, or any other buzzword the United States wishes to use. In fact, he argued, the United States is attempting to throttle China’s economy because it cannot effectively boost or speed up its economy.

From there, MacLeod and Ross also talked about Chinese rivalry with the United States, the high-tech trade war going on, the situation in Taiwan and the threat of a potential nuclear conflict between the superpowers.

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