The West reads China’s power reform as liberalization. It is better read as industrial policy by price signal, and the world’s largest AI buildout is its first great test.
Thank you, most generous. The granary comparison surprised me as well; I sat on a Gulf power committee for some time, before I understood we were running one. The question I keep returning to is whether Beijing can resist rebuilding it the first hard winter. That answer will be worth more than the reform itself.
Great read. I particularly love the comparison. Strong piece!
Thank you, most generous. The granary comparison surprised me as well; I sat on a Gulf power committee for some time, before I understood we were running one. The question I keep returning to is whether Beijing can resist rebuilding it the first hard winter. That answer will be worth more than the reform itself.