Keyu Jin: prediction

Transcript context

…Maybe, can you speak to the difference? Another difference is the long-term, multi-generational thinking that permeates Chinese culture, so how does that differ from the western-style capitalism of quarterly-focused thinking? The Chinese are both the most patient and the most short-termist economic actors I met. The patience, I don’t need to explain, because I think the political continuity means that they can make plans for two decades ahead, right? Even longer. The investment of Chinese parents in their children is a multi-decade long project, and they save. Chinese people love to save, because they think that they’ll have even more money if they save that money, rather than spend it on a ski vacation. That, I think it’s patently obvious to most people around the world, but I think that most of them would not have known that there’s a very popular motto in China, which is called, “Short, flat, fast.” That’s the impatient part of the Chinese culture, especially with respect to the economy. Short, flat, fast was used to describe a winning volleyball strategy that eventually became adapted to describing the society, as a whole, and economic decision making. Nice.…

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