Women Born In The 1980s

"[I]ts model... embodies a... blend of the state and... market economy, striking a balance between state and industry, coordination and market incentives, communalism and individualism."

"The rule of law, sound corporate governance, and intellectual property protection... have been weak... Yet... China... succeeded."

"That requires global coordination and the role of the US."

"Unless we're making the argument of "Let's leave three quarters of the people in the world living in abject poverty." I do not see any legitimate rationale behind trying to limit China's growth or trying to oust China from the global supply chain."

"It's important to keep open the dialogue channels, to keep on talking. That's the first thing, and second is to see each other's perspective, and understand each other, for instance, people think about China as having a centralized state model, and that it's crowding out the private sector. That's not... the case. Thirty years ago, 70% of the wealth belonged to the state. Today, 70% of the wealth belongs to the private sector, which also provides 80% of the jobs, 70% of industrial output. ...That centralized approach is more poitical centralization and setting the strategic objective, but there's a huge amount of autonomy left at the local level... to the entrepreneurs... to the local Mayors, and they have an interactive dynamic relationship."

"Safety, liquidity, trade, denomination, financial services, I think that it's hard to match up with your words, but..."

"The [West's] market economy... consumers and enterprises connected through a financial system... the state plays a minor role."

"Jin Keyu... professor of economics at the , author of The New China Playbook: Beyond Capitalism and Socialism, and advising lots of companies as well... as the World Bank and IMF on how to decrypt where things are going."

"China wants to shift its production structure, but imbalances in... trade is not just a commercial policy. It's... an imbalance between s and investment, and it's not just due to the currency or trade policies that will solve these imbalances."

"The conversation is missing some fundamental trends, the new paradigm. Larry talked about financial inclusion... about China. The New Paradigm is that it's the first time that a middle-income country is the second largest economy. We're asking it... from IMF, from international pressures for liberalization, exchange rate... flexibility. ...[W]e are not prepared for the volatility that China will bring to the world economy if it does open up. Micro-foundations of the financial infrastructure is very weak, ...dominated by speculators rather than s. So we need to think about this dilemma. We want it to open up. It has a massive amount of saving, connect with the rest of the world for investment, and yet it's going to introduce so much extra volatility typical of a developing country, and the world is not prepared for that yet... I think that is the number one challenge that we need to think about because that is the financial story written today. We also did not mention the dollar challenge, which is the confidence in the dollar. Now, we have s growing. There's a huge demand for dollars. That is rising, but on the other hand, what is backing the dollar or the liquidity is the . We just talked about the fiscal stimulus. ...The share of GDP of the US is going down. We have geopolitical issues, which is a very strong determinant to how much a country wants to hold US treasuries. All this push up to a... multipolar paradigm, and we're not discussing that either. The US maintains the status of the dollar predominantly because [of] a lack of present alternatives."

"The Chinese dream for me is still about getting the 600 million people who have not reached middle income by international standards... (a monthly income of... $300)... to become middle income, and getting China's average $10,000 GDP per capita to $30,000 or $50,000... That's first and foremost a priority for everyone. We still have a huge swath of the population that can't meet the needs of... dignified life and... secure a good future for their children. ...[T]he China dream ...is that you ...can be in a country with economic opportunities. When you educate, you have better opportunities, when you invest you have a good return, and people live happy and secure lives in a relatively healthy and safe environment. ...China also evolves along with its economy."

"We are focused too much on a financial story of yesterday. Now the dollar is the . The U.S. financial crisis is an aftermath. The financial history or... story of today and tomorrow is going to be about... China's . ...[W]hat is new, and I'm not sure the world is... prepared for it, is... a few firsts of an emerging country. 1) It is the first time a country with only 25% of GDP of the U.S. is leading in many core areas of technology. 2) It is the first time ever that the second largest economy is a middle-income superpower. That has enormous consequences for the... global financial arena. As we encourage China to open up more, are we prepared for, potentially the greater volatility, exchange rate volatility, s... [W]hat... is lacking... even though we've heard so many positive aspects... and I'm completely in agreement, is that China still lacks the micro-foundations in the financial industry, with many more speculators than s, and in that kind of situation, when China opens up completely, is the world ready to absorb the kind of shocks and volatility that even a little tremor of China can send shock waves to... the global economy. So I would pose it as, China's ready for opening up, but is the rest of the world?"

"Lots of people talk about the One Road One Belt, but... we lack... communication with the world. This is the main reason behind the one road one belt initiative, for many reasons, including political pressure. Lots of countries need our support, so... from political perspectives there is a real need. ...[T]here is also economic need behind this initiative ...[T]his initiative is about a network [which] has an impact like the internet. If you have more participation in the network, you can have more effect. If you have infrastructure in Kenya but if cannot be connected to Kenya you cannot do more, and often lots of projects in small countries and similar countries which have not enough capacity to [build] their infrastructure... China, with this initiative tries to create a platform with the participation of all other countries... like when the United States helped Europe, the country tried to create a platform with the participation of other countries like... China [is doing now]."

"In China, the confluence of consumers, enterprises, and... state (which exerts significant power...) ...[is] a hybrid... of... market and "mayor" economies... [T]he Chinese state... has... more tools and instruments... mandates and objectives to mobilize collective action in service of... goals. ...[I]t can ...impose mandates and ...punishment."

"China... wants to embrace... trade integration... globalization and more trade and... the pressure is on for more reciprocal... trade protectionist pressures, but... China's also trying to shift its trade... production away from these lower end manufacturing sectors, excess capacity in solar, but that is not necessarily a good signal for the kind of trade tensions that might come about. Also because there's going to be a lot of domestic pressure coming from the Chinese businesses, and the Chinese people to pressure the government to react. So they [the Chinese government] will have to take a stance."

"Studies of the quantum properties of black holes by Stephen Hawking and Jacob Bekenstein in the 1970s led to the development of the , which makes the maximum amount of that can fit into any volume of space-time proportional to roughly one quarter the area of its . The largest number of informational s a universe of our size can hold is about 10122."

"… The whole expanding universe was described by the equations of general relativity, Einstein's theory of space and time and gravity, but the singularity was the one place where the equations couldn't go. If general relativity provides a map of the universe, the singularity is the uncharted spot that the cartographers aren't sure how to draw. '. Quantum dragons, most likely. The singularity suggested that general relativity would eventually give way to a more fundamental theory, but physicists already knew that Einstein's theory wasn't compatible with quantum mechanics, the theory that describes the behavior of matter at extremely small scales. In their day-to-day lives physicists could ignore the problem by keeping the two theories separate, using general relativity to describe how big things such as planets and galaxies distort spacetime and using quantum mechanics to describe the strange dice game subatomic particles play. But at the end of the day, the separation can't hold up."

"... now I know that physics is about uncovering the reality behind appearances. It's about glimpsing this deep and hidden architecture of existence itself. It's about embracing that the world is not what it seems and that everything is stranger and simpler than we can imagine, and yet comprehensible."

"Putnam's insight was that quantum theory requires us to conceive of a world in which cognition is an active, participatory process — one that’s not mediated by internal representations. And so that’s what Putnam set out to do. He wanted to create a model of the brain and a philosophy of mind that replaced the old word “observer” with the new word “participator”."

"[C]oming back to the recalibration, look at trade. Yes, U.S. and China's structural trade is declining, but... it's just being rerouted from Vietnam and Mexico, but ultimate sources of demand and supply are still coming from the two largest economies. It's just taking a much longer route and adding to the trade costs. And it's going to add to the cost of innovation... to the cost of inflation... [C]oming back to the American voters... ultimately defining this year's election is still going to be overwhelmingly pragmatic about the everyday livelihoods of these people."

"The two biggest themes this year, AI and sustainability: one represents competition between the two; the second represents collaboration. There's no way we're going to get to green transition without the collaboration... So my advice would be first... start from small victories to build trust... and recalibrate and readjust to real time circumstances."

"After reading Jake Sullivan's reviving national American economy, it sounds... like the China model with industrial policies, subsidies and a huge national boost... The China model is about having a unique coordination between government and markets... individualism and communalism..."

"[T]here's one fundamental misunderstanding about the Chinese from the American side... that China's sole goal is to try to overtake the U.S. That is not the Chinese aspiration. The Chinese people, with a billion people still trying to have a better life... It's overwhelmingly pragmatic. Chinese people... still think about getting an apartment in the cities and sending their kids to school... [T]hat is the ultimate source of legitimacy, also, for the party. When we talk about war and all that, it's about peace and stability, which is the best conditions to make that happen."

"[R]ecalibration comes from two important things... First... is that internal challenges for both countries, China for sure on the economic... political... military... A lot of the focus is now inward. Chinese don't think about Americans all day long. ...Second, there's a huge unintended consequence of these technological restrictions... We've seen it in history... that whenever there are restrictions or... walls, it accelerates technological development. So what we have seen in China recently is a national mobilization. Unlikely partners from the big techs, working together. Universities, industries, governments, all trying to tackle the hard and impossible... [T]hat's... accelerated some of the endeavors to leap frog... [W]e're going to see much more of that, because of these restrictions, not despite them."

"Before, they were comfortably importing chips. ...Of course Chinese companies would love to import chips. Now they have to turn to domestic substitution, and that's accelerating... making domestic chip companies much more profitable... in many, many different areas."

"[I]t's leaky. You cannot really restrict technology flows... [Y]ou're basically enriching the intermediaries. ...There are a lot of third [party] countries where we're seeing a huge surge in imports of chips. I wonder what happened there."

"President Xi recently said, We hope that America would be prosperous, and hope that the U.S. would wish China to be more prosperous as well. I think that does send a message, but I do think that the two countries are recalibrating the relationship, learning from what has happened. I don't... think there's a set, specific idea of how it's going to look..."

"Collaborative competition is the way we should define the relationship. ...U.S. and Japan had similar... economic... technology competition, and... everybody was better off because Japan pushed the U.S. to do much more. Lots of these... important innovation pushes were because of Japanese competition."

"In so many ways China is in transition, and... requires a bit of patience, whether it's real estate, or debt, or ..."

"At the core... the U.S. China competition is about the China... development model, Chinese aspirations and most of all, Chinese technology, or technological competition. ...[I]t's as bad as it is because of a lack of mutual trust and very different world vision, values and culture, which I think we underappreciate."

"[B]ooms and busts is a natural feature of market economies. In the last 40 years China has really never had a bust. ...[B]ust cycles also oust less productive firms and provides exit mechanisms, and that creative destruction... is one of the bright spots... of the situation."

"China's suffering from a severe deficit in demand because of low wage growth, scarring effects of the pandemic and... the real estate. But... because of China's size today, growing at 3% to 4% even, is not a bad thing. If India grows 4 percentage points faster than China from now until 2030, China's still going to contribute $130 trillion dollars of additional GDP more than India... to the world."

"I totally agree with Mr. Zhu's assessment of transitioning to a productivity, innovation driven economy. That's the only way that's going to sustain growth in the long run. So that's a good thing. But... renewables or digitization in the short term... can't possibly displace real estate as a provider for growth and employment in the way that it had in the last 10 years or so. Second, services right now... only accounts for half of GDP and only 48% of employment. That number is 80% in advanced economies, so you can imagine a whole amount of room for also absorbing the youth who are underemployed, highly educated. They account for a more educated skill force than manufacturing. And you also have almost a billion people who haven't really reached middle income by international standards, living under $300 per month. ...So I could go on and on, when even Japan and Korea leveled off their growth, their productivity as a share of... the US was already 80% and China is still very low... a lot of room for convergence. ...[W]e want to separate the cyclical problems of demand from some of the longer term challenges."

"[[Innovation|[I]nnovation]] has... become... one of the highest forms of... glory. And it is [China's] only... hope of becoming the foremost economic power of the twenty-first century."

"There is... room for convergence. China’s productivity level is... only a fraction of the US... China’s share of labor force with a college degree is... smaller than... in South Africa and Brazil, and way below rich countries."

"Reforming the system... would allow the flow of talent across regions... improve... allocation of labor... [and] reduce regional disparities."

"Confidence has to come from somewhere... There are underlying factors that alter confidence and consumption, and... we've seen the scarring effects of the pandemic. Don't forget that Chinese households did not get the support that European and American households got during the pandemic... [M]ore importantly, could be declining, and we don't really know for sure, but it's not climbing, so without that you can't possibly get consumption to be really... enthusiastic. Of course, there's real estate and the stock market. ...Retail investors account for the majority of turnover for Chinese A shares and... that has also been performing problematically. And... youth unemployment is a challenge, but is it coming from a cyclical feature which is a demand deficit, in which case policies could potentially work, but... As we'll hear from Mr. Zhu, there are also constraints... There's a on s... the key implementers of economic drivers of growth, but now they are suffering from mountainous debt burdens. So these are some of the... short-term challenges."

"China has made the... quantum leap... from US$380 to US$10,000... over... four decades. The second... is to go from US$10,000 to US$30,000... [M]uch... speed of China’s achievement can be ascribed to catching up. But unqualified success... will be... when... 1.4 billion... reach... high-income status, particularly... in a political environment... antithetical to... Western conventional wisdom. ...[H]alf of the most prosperous people in the world... living under Communist rule—not... predicted... when the Berlin Wall fell."

"[Some] Latin American countries... and Asian economies... experienced rapid growth, but... [never] graduated into... high-income countries. ...[I]t could have been due to corruption, political instability, poor , or inadequate investment in ...This ...is ..."the middle-income trap." Since 1960, only 13 out of 101 middle-income economies... escape[d] it. ...China ...may follow... Japan['s]... lost decade of no growth in the 1990s. If, however, China can keep growing at 5 percent on average, and... the US continues... at... 1.5 percent... the Chinese... will overtake the US... by... 2030. China would not be as rich... for several more decades, but... more than a billion Chinese would enjoy the same living standards... However, ...China will need a new model of growth. ...5 percent ...seems overly optimistic ...275 percent ...debt to GDP ...as of 2022 points to ...painful ... ...And threats of make an export-oriented economy ...fragile."

"Coming back to the trade challenges... We're seeing in the data that trade is simply being re-routed... from countries like Vietnam and Mexico, but... the ultimate demand and suppliers for that is... still the U.S. and China. It's... taking a longer route... that's going to increase trade cost, and... some Chinese companies... have also set up factories in Mexico and... Vietnam to... circumvent some of these... trade barriers, but it still has to come ultimately from countries like the U.S. and China."

"[T]here are still... 870 million people with a monthly income below RMB 2000 (...US$300) ...yet to join the four hundred million in the middle-income group ...by Chinese standards ...RMB 2000—5000—far below the advanced-economy average. ...[A]n enlarged middle-income group ...is the only way to truly bolster China’s consumption engine."

"She is best known as the author of prizewinning children’s books (her only book for grown-ups, until now, is the slim and slyly titled “Why You Should Read Children’s Books, Even Though You Are So Old and Wise”). While she keeps one foot in the academic world as a fellow of , she has the other planted elsewhere, engaging in and — as good a preparation as any for rendering Donne’s precarious life."

"So, l've been learning chords and arpeggios. In music, just like in Electrical Engineering (my major), theory is one thing, but practical application is another. Applying my new knowledge made me realize I've been playing the keyboard the hard way . I applied what I've learned to a small segment of the chorus of this song, and it's much easier to play now. (Can you tell the line I'm talking about?) Keeping all of my fingers on the keyboard without accidentally pressing the wrong key is still a challenge. I'm looking forward to working with a live tutor soon. And mehn - recording can be exhausting. By the time I got the perfect camera spot, I was already dropping the idea. How do people do that thing?"

"Rundell spent her formative years in wild spaces. At age 7, she moved to Zimbabwe, where her mother had family and her father worked as a diplomat, paying the young Rundell 50 pence for every poem she memorized (and extra if it came from the Renaissance)."

"… I write about s, because it was probably a hermit crab who ate . And I write about s, because there was once a ."

"... Spending hours in libraries, reading old Latin manuscripts and the many brilliant encyclopaedias of mythical creatures: there are few things more wonderful."

"as quoted by Zoe Perzo,"

"... I think stories of transformations, of wild glories and everyday glories, of magic both real and imaginary, can act like a map. They give us a push toward hope. Real true hope isn't the promise that everything will be all right — but it's a belief that the world has so many strangenesses and possibilities that giving up would be a mistake; that we live in a universe shot through with the unexpected. There's never been a single decade in human history when we have not taken ourselves by surprise: we, the ungainly, wonky-toothed human species, have an endless potential for change. I am not an optimist, or a pessimist; I am a possibilityist. The possibilities out there for discovery, for knowledge, for transforming the world, are literally — there are spectacular ideas that we will have in the next ten years that we can't even begin to dream of now."

"I come from a family of pilots. Both my grandfathers flew s in the Second World War, and my uncle can fly a plane. And, so, about five years ago, I started learning for the huge pleasure of being above the world and being given a vision of the sweep of it."

"Anybody can say whatever pleases them with their mouth."