China's telecoms champion
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The Huawei 5G fight is at the centre of the US-China tech war. The Chinese company is one of the world’s largest telecommunications equipment and services providers. A Huawei ban was implemented in the US in May 2019.
Overseas investments by Chinese businesses are poised to surge after peaking in 2016 and then plunging amid internal and external pressures. Now, companies in the tech, energy and EV sectors are ‘in the driver’s seat’.
Despite a precipitous decline in cross-strait relations, products from mainland China hold appeal for many shoppers in Taiwan as the mainland’s technological capacity sharpens and economies of scale keep retail prices low.
In China, the world’s largest EV market, where ‘intelligent’ battery-powered vehicles are a must-have, Huawei Technologies, Baidu and Xiaomi are challenging established players and heightening concerns about overcapacity and a price war.
Smartphone sales in China rose 11 per cent in the first four weeks of October compared to last year, in the latest sign that the market is recovering from an eight-month slump , as top domestic brands beat rival Apple in growth.
Markets no longer have priority over national security, and economic interdependence with Beijing is considered a threat at the very least.
Individuals, corporations and nations grow in strength not by having an easy time but by confronting severe, even existential, challenges.
Strategic thinking requires a focus on the longer term and is largely absent in US policies today. Yet, US tactics such as tariffs and sanctions have not stopped Huawei from developing its breakthrough new phone.
The Chinese tech giant’s low-key launch of its new ‘breakthrough’ smartphone has caused consternation in the United States. And Washington’s efforts to try to contain the nation’s tech rise only raise costs for everyone.
Instead of supporting the US tech war on China, the European Union could take the lead in finding pragmatic solutions to the security problems posed by new technologies that other states can implement.
Fast-changing Saudi Arabia is eager for foreign capital, including from Hong Kong. The city should now reach out to its citizens in the Middle East who have the connections and know-how to build trust and spur investments.
The junta’s move to shut public access to an online corporate registry will shield the senior leadership’s shareholdings, and those of their families, and help establish front companies to evade international sanctions.
China continues to play a long game, whereas the US tactical assault on Chinese technology is all about short-term gains. As long as the US is trapped in a political system that places little value on strategy, there is no guarantee it will prevail in an existential tech conflict.
While the offer is open to other countries, it is most applicable to China, given its dominance in Indian electronics. But it remains to be seen whether such a partnership can bolster Indian electronics manufacturing or give greater security to Chinese companies in India
Ren Zhengfei’s memo to staff painting a gloomy picture of a world heading into recession garnered wide online interest. There is good reason; his call for cautious spending is much-needed in such uncertain times.
However hard the Biden administration tries to counter Chinese chip manufacturing, there is a key factor it fails to take into account: talent flow. The US can ban the sale of technology to China. But it cannot stem the flow of global, including US-trained, tech talent to China.