Bloomberg: US fails to contain China’s technological superiority
The US long-term efforts to curb China’s technological superiority are not only failing, but also causing risks to isolate America, because China is already leading in a range of advanced technological areas, and the world is increasingly using Chinese electric vehicles and smartphones, RIA Novosti reports
“Despite more than six years of US tariffs, export controls and financial sanctions, Xi [Jinping, President of the People’s Republic of China] is making steady progress in positioning China to dominate industries of the future,” Bloomberg reports.
According to new research by Bloomberg Economics and Bloomberg Intelligence, the Made in China-2025 industrial project – unveiled a decade ago to make the nation a leader in emerging technologies – has generally proved successful. In particular, of 13 key technologies tracked by the agency researchers China has achieved a global leadership position in five of them and is catching up fast in seven others.
According to the publication, the world outside the United States is increasingly driving Chinese electric cars, using Chinese smartphones and powering their homes with Chinese solar panels. The agency is convinced that for Washington, the risk lies in the fact that the policy of containing China will eventually end up in the isolation of the United States – hurting its businesses and consumers.
“China’s technological rise will not be stymied, and might not even be slowed, by US restrictions. Except those draconian ones that simultaneously slow the pace of innovation in the US and globally,” said Adam Posen, the President of the Washington-based Peterson Institute for International Economics, who has conducted research for governments and central banks around the world.
