Keyu Jin – The New China Playbook: beyond socialism and capitalism – Viking, New York, 2023, 360 pp

Abstract

Keyu Jin’s book is an essential work for understanding contemporary China, moving beyond simplistic judgments and common polarizations about the country. Keyu Jin, a Chinese economist educated in the United States and a professor in London and Beijing, provides a balanced analysis of the successes, challenges, and threats facing China’s economy, highlighting the nation’s complexity and constant transformation.

As a representative of China’s new generation, the author has lived through the country’s profound social and economic changes, granting her a unique perspective. The text emphasizes two fundamental cultural pillars: collectivism, where community interests prevail over individual ones, and the meritocratic tradition that has guided Chinese public administration for centuries.

According to Keyu Jin, the Chinese model combines centralized planning with extensive local autonomy, allowing regional governments to innovate and lead economic development. This system, dubbed the “mayors’ economy,” was crucial for the country’s rapid urbanization and modernization, demonstrating that decentralization is one of the keys to China’s success—contrary to views that attribute progress solely to centralized authoritarianism.

The text also highlights China’s strategy of absorbing foreign technology through partnerships and its relentless pursuit of innovation, driven by a national vision of development rooted in science, technology, and education. The concept of juguo—national mobilization for strategic goals—exemplifies this approach.

Finally, the book is presented as a “new manual” for understanding China, which does not fit traditional categories of socialism or capitalism but rather represents a learning economy, open to adapting its rules according to the needs and challenges of today’s world.