The Evolution of Chinese Economic Strategy Under Xi Jinping

2026 CHINA IN THE WORLD ANNUAL LECTURE

The Evolution of Chinese Economic Strategy Under Xi Jinping

China’s economic strategy has repeatedly pivoted since Xi Jinping first ascended to his country’s paramount leadership in 2013 – and each pivot has dramatically reshaped aspects of China’s economic, social and political life.

Xi Jinping assumed power as Deng Xiaoping’s program of "reform and opening" had been in operation for 35 years. Xi initially seemed destined to carry that program forward, as had Jiang Zemin and Hu Jintao before him. Shortly after taking office, Xi proclaimed the "decisive role" of markets in allocating resources and promoted the rapid expansion of private enterprise.

Yet, more than a decade on, the philosophical underpinnings of "Xi Jinping Economic Thought" are now inextricably tied to the agency of the Marxist-Leninist state across all domains of economic policy. . Rather than market forces, Xi's new economic vision preaches "national self-sufficiency", "top-level design" and "comprehensive security". Xi has unapologetically framed techno/industrial policy as the driving force of China's future economic model. He intends China to leapfrog the United States in critical new technologies such as artificial intelligence, quantum computing and fusion. These, he hopes, will serve as crucial tools in Beijing's overall strategic competition with the United States.

In this lecture, Kevin Rudd will explore the ideological assumptions that lie beneath Xi Jinping's revisions of China's economic strategy. Where is China's economic strategy likely to head next? And what are its implications for the rest of the world?

About the speaker

Kevin Rudd is global president of the Asia Society, an American Think Tank headquartered in New York with 16 centres around the world. A leading authority on China, Dr Rudd returned to lead Asia Society this year following three years as Australia's Ambassador in Washington. He has authored two books on US-China relations: The Avoidable War (2022); and On Xi Jinping (2024), based on his doctoral thesis at Oxford University examining Xi Jinping's ideological worldview.

Dr Rudd established the Australian Centre on China in the World during his first term as Prime Minister (2007-10) and subsequently served as Foreign Minister (2010-12) before returning as Prime Minister in 2013. Dr Rudd's diplomatic career began in 1981 with postings to Beijing and Stockholm. He graduated from ANU with Honours in Chinese language and East Asian history, studied Mandarin at National Taiwan Normal University, and completed his DPhil at Oxford University in 2022.

6:30pm drinks reception for 7pm start.

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