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![hsu_steve Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::161078090.png) steve hsu [@hsu_steve](/creator/twitter/hsu_steve) on x 36.6K followers
Created: 2025-07-17 11:09:25 UTC

China Shock 2.0: MIT economist David Autor interview on CNBC below.

Autor explains how the Chinese economy actually works. It's totally different from the old Soviet system, and not what most Westerners imagine. 

Industrial policy is directional only - MARKETS determine winners and losers. Even the implementation of industrial policy is decentralized - mainly administered by city and provincial governments which COMPETE against each other!

Autor: "China has made such impressive investments in 
frontier sectors like in electric vehicles and batteries and drones and so on ...

... vigorous state-led industrial policy where it's not a case of China picking winners and losers, but really seeding investment and creating  vigorous Darwinian [MARKET] competition to weed out the weak firms and have the strong ones ready for battle."


XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945803019716624445/c:line.svg)

**Related Topics**
[stocks technology](/topic/stocks-technology)
[decentralized](/topic/decentralized)
[china](/topic/china)

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