The Puck: Venture Capital and Beyond · 2026-04-16 · 1h 3m
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.
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