From the cover
This is the terrifying story of China’s vampire economy
State capitalism. Socialism with Chinese characteristics. A socialist market economy. There have been numerous descriptions of the Chinese economy. However, none seems to capture the predatory, at times surreal, nature of the economy of the world’s most populous nation – nor the often bruising and mind-bending experience of doing business with the Middle Kingdom.
Rules and agreements mean little. Markets are distorted, statistics fabricated, foreign industrial secrets and technology systematically stolen. Companies and entrepreneurs, at home and abroad, are bullied – often with the collusion of the victims themselves. The Party is in every boardroom and lab, with businesses thriving or dying at its will.
All this is part of realising President Xi Jinping’s ambition of China becoming the world’s pre-eminent economic, technological and military power.
Reviews
The Financial Times, 28 October 2024
This is a timely and important read. Williams’s sceptical prognostications about China’s economic future are hard to argue against, particularly as the state is right now struggling to revive “animal spirits” that have weakened, in part, because of President Xi Jinping’s recent clampdown on wealth-creators and tech firms. Still, with China’s dominance in emerging technologies, critical minerals and green industries, it is also difficult to write it off.
