A new economic era is dawning in China, a potent mix of autocracy, technology and dynamism. The West may not like it, but it shouldn't underestimate

it. You're listening to Money Talks on Economist Radio, our weekly podcast on the markets, the economy and the world of business.

I'm Simon Long, an editor at The Economist, and in today's episode, President Xi Jinping's Ping's new economic agenda.

Let's call it Shinnomics.

We'll examine this latest evolution of state capitalism.

China wants to continue to open up and make itself as attractive as possible to foreign investors,

but at the same time is worried about supply chain risk, about disruptions about restrictions of exports to China.

Could a new sort of central planning help Chinese technology dominate the world stage?

Today it's not just the state sector that is rallying to this cause.

More private firms are also now very much interested in building up

China's technology sector more broadly.

And if these contradictions can be resolved, is it time America and its allies recalibrated

their thinking on their most important strategic rivalry?

The knee jerk reaction is to liken China to the Soviet Union, and we all know how that ended.

That leads to a real underestimate of where China is going. For much of the world a post-pandemic recovery feels like a distant dream Unless of course you're in China. Not only is

its economy growing, it's nearly returned to its pre-Covid pace. Data published on

Monday, October the 19th showed that GDP in the third quarter grew by 4.9% year-on-year.

Of course, this remarkable growth rests on the country's apparent success in almost entirely stamping out the virus.

But a closer look also reveals a quieter transformation that's been happening at the heart

of the Chinese economy. Our Asia Economics editor Simon Rabinovich is in Shanghai.

Hello Simon. Hi Simon.

I'm talking to you from London where we've just been moved into what's called Tier 2, a higher risk category of pandemic restrictions.

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