Bai Chongen is a prominent Chinese economist and government adviser. He is the dean of Tsinghua University’s School of Economics and Management and serves concurrently as vice-chairman of the All-China Federation of Industry and Commerce. From 2015 to 2018, he was a member of the Chinese central bank’s monetary policy committee. Here, he discusses how China can avoid “Japanification”, what Beijing can do to help cultivate the next Elon Musk, and why the “China shock 2.0” phenomenon is often...