From Scarcity to Abundance: China's Technological Transformation

Once upon a time, in the early 1980s, I was born in China when it was a land of scarcity. We survived on rationed food, cooked in communal kitchens, and even had three nights of blackouts in Beijing every week. But amidst those challenging times, I bonded with my father over reading poems by the flickering candlelight. It was a simple joy in an era when Chinese people had so little.

Fast forward three decades, and China has transformed into a land of boundless abundance, especially in terms of technological power. From mind-boggling high tech to mind-blowing everyday tech, there's nothing you can't find in this tech paradise. I can now buy a can of Coke by simply scanning my face! And let me tell you about the time I called for toothpaste in my hotel room, and it was delivered by a friendly robot. It was like living in the future!

But it doesn't stop there. China's tech innovations have spread their wings across the globe. I've witnessed people in remote Tibetan mountains jamming to cool music on Walkmans powered by solar cells. And thanks to Chinese solar technology, homes in Africa that once relied on candlelight now shine brightly. It's a revolutionary change brought about by innovation.

Now, I know what you're thinking. How can all this be happening in a developing country like China? Well, let me take you on a wild ride through their unique model of innovation and technological growth. Buckle up!

Yes, it's true that the system isn't perfect, and we should be mindful of the rising tensions in the tech race. But just like any relationship, understanding each other is key. So, as an economist straddling multiple worlds (imagine having three feet!), I've gained insights from London, China, and the US.

Let's dive into how China is rocking the innovation game. Innovation isn't just about inventing the next mind-blowing gadget or sending people to Mars (although that would be pretty cool!). It's about new applications, business models, and processes that make us leaner, cleaner, and more productive.

Take TikTok, for example. It might not be the first short-video app, but it has conquered the world with over a billion users! And the Chinese EV company, BYD, didn't invent the first electric car, but their affordable $15,000 EV cabs with half a million kilometers of range are making a real impact on emissions and mass adoption.

But wait, there's more! Chinese mobile phones may not be as revolutionary as the iPhone, but in African countries, their market share is well over half! This solves a huge problem for developing nations – access to suitable technologies that they can actually use. China is bridging the gap and empowering people worldwide.

And don't think for a second that China can't master high tech. They conducted the first quantum video call and launched the first drone capable of carrying passengers in the air. It's like living in a sci-fi movie!

But how does it all come together? Well, my friend, it's a fascinating blend of political centralization and economic decentralization. Picture an entire nation rallying behind one strategic goal, just like they do for winning Olympic gold medals. It's all about mobilizing resources, casting the net wide, and not worrying about the costs. It's the secret sauce behind China's massive electric vehicle market, where they sold more cars in 2020 than the rest of the world combined!

But hold on tight because we're about to take a detour into the world of mayors. Yes, you heard me right! The "mayor economy" is a decentralized economic model