Dr. Peter Zhao: The Importance Of Virtue In Economics

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Former Communist Atheist Explains Why A Market Economy With Churches Works China Is In Need Of Spiritual Reform To Save Economy When A Country Lacks Faith In God, The Nation Becomes Its God "I think there are four flash points of global geopolitical situations, and out of the four I identify three as already being ignited, namely the Ukraine-Russian War, the Middle East War situation, and also southern China between Pakistan and India. And so the fourth one is between China and Taiwan. I think this is not just a geographical military conflict. I also think this is a turning point for civilization. If there's a war break out between China and Taiwan, not only is it a disaster for a geopolitical situation, but also it's a test of our virtue and faith." —Dr. Peter Zhao, as stated by his translator * * * Kevin: Welcome to the McAlvany Weekly Commentary. I'm Kevin Orrick, along with David McAlvany. We have a guest today, Dave, that is a well-known economist, but also sees economics the way I think you do, where I heard at one time from a friend of mine, economics is politics applied to spiritual faith and you really can't separate the three, economics, politics, and values. And so we have Peter Zhao with you right now in Amsterdam. David: Peter Zhao is an economist who spent time working for the Communist Party Central Committee and has done extensive research, is very well published, 200-plus articles, and respected in the field. To be honest with you, I don't know anyone else on the planet who's had 10 million Twitter followers. I suppose you could find somebody out there, but certainly no economists. And as some of his ideas have challenged the status quo in China, there is a certain cancel culture there as well, a certain limitation of views beyond a certain threshold, and so you won't find his Twitter handle anymore, and you won't find the 10 million followers. But his ideas have been very influential in China, and I've gotten to know him through the years. I have immense respect for him. Kevin, I'll be honest, this doesn't happen very often, but there is a handful of people that I see from across the room and I just want to cross the room as fast as I can and give them a hug. I love them. I respect them. I hold them in such high regard, and we don't see each other often enough. I just am ecstatic to have a reunion. Kevin: Well, David, your family, your dad first when I came to work for him, and you, value highly speaking the truth no matter what the cost, and oftentimes there is a huge cost. And so I really look forward to this interview. Also, just a note to our listeners, the interview with Dr. Peter Zhao today, the voice you hear will be the interpreter. David: Well, it's a real pleasure to introduce to our listening audience someone who I've had a tremendous amount of respect for a long time. Peter, you and I have shared ideas about China since we first met in Singapore in 2015. First, we were on a panel at an economics conference discussing macroeconomic trends, and later we got to speak privately and expand on several global macro themes. Since then, I've had the privilege of seeing you at these same economic conferences. Here we are in Amsterdam for the discussion today, and I've always appreciated your insights. My thoughts and musings on China are those of an outside observer. Your reflections, however, are those of a true insider. Trained as a PhD economist in China with continued studies at Harvard, you've worked as an advisor to the Central Committee in China, and as a member of the Communist Party have a unique set of insights. I'd love to review your current take on what is today the second-largest economy in the world. We'll get to some questions here in a minute, but thank you for adding your perspectives and insights. Peter: I'm so glad to meet you and we can talk like this. I ask my friend to help me with language. David: Excellent.

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