Was the late Zhu Rongji responsible for the original ‘China shock’?


Source: scmp.com scmp.com
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Here, I start with a useful summary, from an American point of view, of “The China Shock and Its Enduring Effects”, a 2022 study by the Centre on China’s Economy and Institutions at Stanford University: “The impact of the China shock accounted for 59.3 per cent of all US manufacturing job losses between 2001 and 2019, mostly in labour-intensive manufacturing where fewer workers had college degrees. “Laid-off workers converted nearly one for one into long-term unemployment, causing a corresponding rise in government transfer receipts per capita. Adverse impacts of the China shock lasted two decades beyond the initial trade shock…

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