"With Xi Jinping securing an iron grip on China's ruling party and political economy, longstanding debates about the sustainability of the country's astonishing growth have returned to the fore. Mounting evidence of stagnation suggests that, after coming so far, China's authoritarian model may not be so exceptional after all."
"Following sweeping regulatory crackdowns on Alibaba, Tencent, and others in 2021, Chinese companies are increasingly focused on remaining in the political authorities' good graces, rather than on innovating."
"The inefficiencies and other problems created by the politically motivated allocation of credit are also piling up, and state-led innovation is starting to reach its limits."
"My own recent research with Jie Zhou of MIT and David Yang of Harvard University shows that the top-down control in Chinese academia is distorting the direction of research, too."
