Why Hasn't China Collapsed?
Jun 3, 2025 · 19:59
Leland Miller of China Beige Book joins Maxinomics to explain how Xi Jinping's CCP keeps China predictable by controlling what's made, where people move and who enters. State-owned enterprises—9 trillion of China's 16-trillion stock market—let the party pick winners, steering cheap state credit into solar, EVs, batteries and shipbuilding. Hukou rules grew Shenzhen from 30,000 people in 1980 to 18 million, while the Great Firewall and the scrapped Ant IPO after Jack Ma called Chinese banks pawn shops cap speech and business. At 0.07% immigrants and under 2,000 new citizens a year, China stays closed yet gave Tesla a fully owned Shanghai factory to trigger the catfish effect that seeded its EV industry. Miller rejects collapse predictions: the non-commercial financial system doesn't fail like the West's.
