<p>China looks unstoppable from the outside — record exports, dominant EVs, and a relentless push into AI, robotics, and advanced manufacturing.</p><p>But beneath the surface, a very different story is unfolding.</p><p>In Episode 120 of <em>The Puck</em>, Jim Baer sits down with Dinny McMahon — former Wall Street Journal Beijing journalist and author of <em>China’s Great Wall of Debt</em> — to unpack what’s really happening inside the Chinese economy.</p><p>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. </p><p>At the same time, Beijing is making a massive strategic pivot: away from property and consumption, and toward productivity, innovation, and industrial dominance.</p><p>The question is whether that model can actually deliver.</p><p><strong>In this episode:</strong></p><ul><li>Why China avoided a financial crisis — and what replaced it</li><li>The “hidden austerity” hitting local governments and the private sector</li><li>The collapse of the property-driven growth model</li><li>Why China is rejecting consumption-led growth</li><li>The bet on productivity, AI, and industrial upgrading</li><li>Innovation vs. imitation — can China create at the frontier?</li><li>What China’s strategy means for the U.S. and global markets</li><li>The real goal behind China’s currency push and de-dollarization</li></ul><p>This is not the China story you hear every day — but it may be the one that matters most.</p>