At a minimum, companies will need to comply with new policies and regulations. At the other end of the scale, even the fundamental nature of some businesses could be redefined.

The sudden and drastic corrections could be painful for some as the red lines are repositioned and redefined in the push towards ‘common prosperity’. More start-ups and investors will benefit as long as they take into account the new thinking.

President Xi Jinping has emphasised the importance of ‘learning from history to create a bright future’. This epitomises how China is searching for its own brand of modernity, while keeping the ‘whole-of-nation approach’.

Biden’s government clearly intends to play a big role in expanding US industry, and learning from China can be a better way to view the great power contest.

Foreign multinationals are coming to the realisation that China is not simply a market where profit can be made but rather is increasingly a place where new knowledge and competitive advantage for companies can be obtained. Its resilience is a result of its governance model, combining efficient top-down planning by the central government with dynamic, innovative entrepreneurship.

The Greater Bay Area is a natural place for our young people to venture into, to take advantage of the opportunities brought about by China’s innovation and entrepreneurship.

With companies such as Ant, ByteDance, Huawei and Nio inspiring clones in the West, China is becoming an innovation epicentre. Rather than keep Chinese companies out, the West should make clear the areas of collaboration or protection.

The US should work with China to strengthen the global business and data governance system, rather than undermining it with arbitrary and disruptive measures, such as protectionist bans and forced company sales.

Despite the harsh rhetoric between Washington and Beijing, there are opportunities for bilateral economic cooperation at the local level. Chinese companies can boost bilateral relations by helping communities in the rust belt, for example.

While some labour-intensive supply chains and those that target the US market may move out of China, sophisticated manufacturing clusters related to electronics and the internet of things are not easy to replicate quickly.

In the wake of the Covid-19 epidemic, China will want to radically improve its public health system and better integrate it into its smart networks, even as society explores new ways of remote working. Businesses can expect many radical new opportunities.

China is racing ahead with blockchain tech and its own digital currency and, given the vast implications of this, needs to quickly establish international benchmarks and a clearer legislative framework. The US can hinder this or work together with China to establish global governance, manage the disruptions and harness the tech for global growth.

All countries have unique sensitivities, so the NBA and Apple should not be seen as victims who caved in to China. Many companies, including from the US and Japan, thrive once they adapt strategies tailored to China’s point of view

More US companies are staying in China than not, despite the trade war. But there is an increasing need to devise different strategies for China and the US, as China’s market conditions become more sophisticated and unique

China’s governance model, the massive number of internet users and a generation of entrepreneurs are driving progress in AI. While China’s boom has provoked concern in the US, there are many areas where the two countries can collaborate.

While foreign firms have long clamoured for greater access to the Chinese market, they will need to catch up with Chinese innovators to reap the benefits of the more level playing field.

The trade war has made a stronger case for China’s reform and innovation. However, foreign multinationals should also realise they can’t be complacent any more: they should learn to innovate in, and for, the Chinese market.

Multinational companies are realising that they cannot ignore Chinese innovations and must embrace China-specific strategies. As China’s auto industry opens up, for example, new forms of partnerships among foreign, local, state-owned and private companies are being formed.

China is rapidly turning a corner towards becoming an innovation hub in advanced technologies, and the trade war with the United States will ultimately not prevent this.

The enterprising women who start a business today tend to be motivated by the pull of greater opportunities rather than just trying to find a livelihood. They tend to start younger, are better educated, and are not afraid to fail.

To promote entrepreneurship, free movement of goods and services – and ideas – should be encouraged between Hong Kong and the mainland, along with more youth forums, training, and opportunities for innovators to interact and inspire others.