Can Beijing bear to let its prized steel industry shrink so the rest of the economy can grow?
Illustration by Luis Grañena.
In December 2020, as the first year of the Covid-19 pandemic drew to a close, Chen Derong wiped away tears of joy while addressing the company he chairs, China Baowu Steel Group Corporation.Baowu is the result of a consolidation of the steel industry with Baosteel and Wuhan Iron & Steel merging, along with Ma Steel. State-owned Baowu had just cracked a major milestone: It had churned out its 100 millionth tonne of steel that year, cementing its lead as the world’s largest steel producer. C
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In a special bonus episode recorded live at the Asia Society, host Jane Perlez speaks with journalist and scholar Orville Schell about his 50 years covering Chinese leaders and their American counterparts. They attempt to answer the question: how did we get here?
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