Dwarkesh Podcast

Dwarkesh Patel × Victor Shih

China is pushing AI investment despite total government debt nearing 200% of GDP, while Xi’s system prioritizes strategic output and regime control over profitability, consumption and local fiscal health.Ding Xuexiang’s brake-first AI doctrine and DeepSeek’s policy focus reveal the governance model, but succession remains the sharpest risk: a brief lapse in command could trigger capital flight, 20% rates and mass bankruptcy.