China looks unstoppable from the outside—record exports, dominant EVs, and a relentless push into AI, robotics, and advanced manufacturing. But beneath the surface, a very…
China looks unstoppable from the outside—record exports, dominant EVs, and a relentless push into AI, robotics, and advanced manufacturing.
But beneath the surface, a very different story is unfolding.
In Episode 120 of The Puck , Jim Baer sits down with Dinny McMahon —former Wall Street Journal Beijing journalist and author of China’s Great Wall of Debt —to unpack what’s really happening inside the Chinese economy.
China didn’t have the financial crisis many expected. Instead, it chose a different path—one that’s led to quiet austerity, stressed local governments, and weakening confidence across households and businesses.
At the same time, Beijing is making a massive strategic pivot: away from property and consumption, and toward productivity, innovation, and industrial dominance.
The question is whether that model can actually deliver.
In this episode:
Why China avoided a financial crisis—and what replaced it The “hidden austerity” hitting local governments and the private sector The collapse of the property-driven growth model Why China is rejecting consumption-led growth The bet on productivity, AI, and industrial upgrading Innovation vs. imitation—can China create at the frontier? What China’s strategy means for the U.S. and global markets The real goal behind China’s currency push and de-dollarization This is not the China story you hear every day—but it may be the one that matters most.