[1PlayerOne]

A successful growth model will disproportionately benefit certain constituencies. And it will also make those constituencies disproportionately powerful. Which makes it politically difficult to shift away from the model after it’s become obsolete. So you end up following an outdated economic strategy.

[1PlayerOne]

There’s a stereotype that to be a millionaire in China, you have to write computer code. But that’s not true. The vast majority of rich Chinese are rich because they were in the property sector or in the construction sector or in other basic parts of the economy that receive lots of government spending. So adjustment requires a major transformation in all of the business, political, and financial institutions that have developed over the last 30 years.