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The pivot: how China turbocharged its industrial policy and remade the global economy

South China Morning PostEN 1 min read 100% complete by Sylvia MaMarch 11, 2026 at 11:00 PM
The pivot: how China turbocharged its industrial policy and remade the global economy
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In 2016, a public debate at Peking University between economists Justin Lin Yifu and Zhang Weiying highlighted contrasting views on China's economic direction. Zhang advocated for free market principles, while Lin championed industrial policy. The event, moderated by Huang Yiping, drew significant national attention. Since then, China has increasingly embraced Lin's industrial policy approach. Huang notes a shift in the intellectual climate, with greater acceptance of industrial policy due to perceived market failures, even in developed economies. This shift reflects China's evolving economic strategy and its increasing reliance on industrial policy.

Key Entities & Roles

Key Player Opposition Context
National School of Development 40% Beijing 60% Justin Lin Yifu ×270% Zhang Weiying ×270% Peking University ×270% Huang Yiping ×380% China ×390%

Keywords

industrial policy 100% china 90% economy 80% free market 70% economic policy 60% market failure 50% huang yiping 40% peking university 40%

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South China Morning Post
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90%

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industrial policychinaeconomyfree marketeconomic policymarket failurehuang yipingpeking university
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