About this video

• Video Title: Best-Selling Economist Reveals Shocking SECRET About Tech War with China
• Channel: Max Chernov
• Speakers: Max Chernov, Richard Turrin
• Duration: 00:49:01

Overview

This video features an interview with Richard Turrin, a best-selling economist and long-term resident of China, discussing his experiences and observations of life, culture, and the economy in China, particularly in contrast to Western perspectives. Topics covered include safety and privacy in Shanghai, cultural differences in thinking, China's digital economy, the nation's rapid changes, economic challenges, and advice for foreigners seeking to understand China.

Key takeaways

• Safety in Shanghai: Richard Turrin highlights Shanghai as exceptionally safe, contrasting it with Italy where he experienced petty theft. He notes that the presence of surveillance cameras has significantly reduced crime and traffic violations.
• Privacy vs. Security: While acknowledging the extensive surveillance in China, Turrin argues that the trade-off for enhanced personal safety is worthwhile.
• Cultural Differences: Turrin elaborates on the differing mindsets between Chinese and Americans, noting that while both share a desire for a better life, Americans tend to emphasize individual achievement, while Chinese culture leans more towards collaboration and collective goals.
• China's Digital Economy: China is described as being significantly ahead of the US in the application of digital technology, especially in areas like mobile payments and integrating technology into daily life, making services more efficient.
• Economic Realities: Despite Western predictions of collapse, Turrin states that China is not collapsing. He explains that while GDP growth has slowed, the primary concern for the youth is job availability, and for older generations, it's maintaining their standard of living.
• Rapid Pace of Change: China, particularly its cities like Shanghai, undergoes rapid transformations, making it challenging for expatriates to keep up, unlike more static environments.
• High-Speed Rail: China's high-speed rail system is highlighted as a particularly impressive technological achievement that often surprises foreign visitors due to its speed, comfort, and consistent connectivity.
• Saving Culture: Chinese people have a strong saving culture due to historical hardships and uncertainties, leading to lower household debt compared to the US.
• Cryptocurrency in China: While owning cryptocurrency is legal, using it for transactions or transferring money out of the country is illegal, posing challenges for the government, despite China being a major hub for Bitcoin mining.
• Governmental Role: The Chinese government plays a crucial role in driving technological advancements, such as ensuring internet access in rural areas, and local government representatives are actively engaged in community issues, contrary to the perception of top-down control.
• Advice for Understanding China: Turrin advises reading Asian media, particularly "Asia Times," and experiencing China firsthand to gain a more nuanced understanding beyond Western media's often one-sided reporting.

Here's a comprehensive list of points made in the video:

Safety and Surveillance:

• Shanghai is considered exceptionally safe by Richard Turrin, more so than his current location in Italy.
• Petty theft (pickpocketing) is a concern in Italy, but not in Shanghai.
• Turrin feels comfortable leaving cash in a coffee shop in Shanghai.
• Personal safety in Shanghai is high; one can walk in dangerous alleys at 3 AM without issue.
• Laptops can be left unattended in coffee shops without being stolen in Shanghai.
• Surveillance cameras and traffic monitoring have significantly improved safety and driver behavior in Shanghai since 2010.
• Turrin believes the trade-off of video privacy for enhanced security is worthwhile.
• The presence of surveillance cameras acts as a strong deterrent to crime.
• The UK also has significant video surveillance, comparable to China.

Cultural and Societal Differences:

• Singapore is not a "lite version" of China; it operates more like a Western country, influenced by British and American systems.
• People of Chinese descent in Singapore, educated in Western systems, differ from mainland Chinese.
• Both Chinese and Americans share a "China Dream" or "American Dream" focused on a good life, but their approaches differ.
• Americans often emphasize individual heroism and achievement (e.g., Steve Jobs, Bill Gates).
• Chinese culture, while acknowledging individual success (e.g., Jack Ma), prioritizes collaboration and being part of a larger collective.
• There's a stronger sense of community and collective action towards shared goals in China.
• Americans currently exhibit more societal division than Chinese society.
• Despite a one-party system, Chinese citizens generally show high support for the government.
• Cultural divisions seen in the US (e.g., political correctness, woke debates) are not as prevalent in China.
• While historical periods in China had divisions, current societal unity is higher than in the US.
• Chinese people are not necessarily suppressed and can be very vocal when angered.
• The pace of change in China, especially in cities like Shanghai, is incredibly rapid, with significant differences seen even after short absences.
• In contrast, Turrin's Italian hometown has changed very little over centuries.
• Turrin's personality has evolved from being an aggressive New York investment banker to being less confrontational and more considerate, partly due to living in China.
• Chinese workplace culture is generally less aggressive in conflict resolution compared to Western environments.
• A polite approach is preferred over confrontation when dealing with minor issues like queue-jumping in China.

Economy and Technology:

• Western media often predicts China's collapse, which Turrin dismisses as a sensationalized business.
• Nobody should wish for the economic or political collapse of a country with 1.4 billion people, as it would harm everyone.
• China's GDP growth has slowed to around 5%, down from previous rates of 12-8%.
• A 5% GDP growth rate requires a 8% growth rate to absorb new university graduates.
• Many young Chinese graduates with good degrees are working as delivery drivers due to job market difficulties.
• The primary concern for young Chinese is finding any job, while older Chinese focus on maintaining their spending power.
• The Chinese government is trying to stimulate consumption to boost the economy.
• China is not collapsing; it remains a significant global economic power.
• China is widely seen as being ahead of the US in digital economy and technology adoption.
• The AI "race" is a misconception; AI will be ubiquitous and accessible to everyone.
• China excels at rapidly deploying digital technologies to improve daily life, exceeding US understanding in some areas.
• Digital payment systems in China are highly advanced and integrated, surpassing Western equivalents in efficiency.
• QR codes are widely used for payments and various services.
• Even small businesses utilize WeChat for app development and operations.
• High-speed rail is a standout technology, impressing visitors with its speed, comfort, and connectivity.
• US household debt is very high and a cause for concern.
• Chinese household debt is significantly lower.
• Mortgage systems are well-established in China for home purchases, but overall household debt is lower.
• People save money in China due to historical hardships and uncertainty about the future.
• Cryptocurrency is legal to own in China but illegal to use for transactions or moving money abroad.
• China has strict foreign exchange controls.
• The Chinese government has long struggled with cryptocurrency due to its use in money laundering.
• Despite crackdowns, China remains a major Bitcoin mining destination.
• The Chinese government's attempts to ban crypto mining were not fully effective, showing that Beijing doesn't have absolute control over 1.4 billion people.
• The government recognizes the importance of digital technology and has implemented plans for widespread access.
• China's 5-year plans are a remarkable long-term planning mechanism, unlike the US's shorter political cycles.
• The government mandated 3G data service in all villages early on to facilitate digital reach.
• There are issues in China, such as the real estate/housing crisis and overdevelopment.
• The government has been a driver of progress in digital technology.
• Shenzhen is noted as a hub for technological innovation (drones, autonomous taxis).

Government and Policy:

• While there's a one-party system, citizens generally support the government.
• Local government representatives are active in addressing community issues, demonstrating a level of responsiveness beyond top-down control.
• The government has actively promoted digital technology development.
• Policies and the government's approach have changed significantly since the Cultural Revolution era.
• The government is continuously evolving.

Personal Reflections:

• Richard Turrin has lived in China for over 15 years, previously in Europe and Singapore.
• He chose Shanghai partly due to its safety.
• His experience living in China has shaped his personality, making him less aggressive.
• He finds the rapid change in China fascinating and exciting.
• Many visitors are surprised by the reality of China, finding Shanghai to be a vibrant and captivating city.

Advice for Foreigners:

• Read Asian media, not just Western sources, for a different perspective on China.
• "Asia Times" is recommended for its unique insights.
• Engage with English-language reporting from Asian countries.
• Travel to China to experience it firsthand and challenge preconceived notions.