US-China tech war & rivalry

The race for the tech of the future
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The US and China are ramping up competition to see who will the future of global technology

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The US’ efforts could stifle domestic innovation and drive away start-ups and tech companies while benefiting other countries and forcing China to become free of American tech.
China is now at the stage of capitalism when market forces can’t be counted on to deliver upward mobility to the masses. So the state is stepping in to rebalance economic growth and income distribution.
Increased US-China rivalry, coupled with Covid-19, has caused unprecedented disruptions to supply chains, threatening global production. The last thing the world needs is for inflation to trigger a disastrous stock market or debt crisis.
While both China and the US are driven by different domestic concerns, neither can ignore the geopolitical impact of their regulation of corporate giants, and investors must remain alert.
It’s been a hellish week for investors in Chinese equities as risk profiles shift from valuation methodologies we hold dear to policy changes by Chinese and American governments, writes Neil Newman.
The world is likely to avoid a major technology split despite rising global tensions, but better outcomes require multilateral efforts. By staying above the Sino-US fray, the rest of the world can help forge a new consensus based on shared technological progress.
As China pushes for the extraterritorial application of its capital market laws, it is important to secure mutual recognition of accounting standards and enforcement between countries
Tighter rules on data protection will also impose greater discipline on an industry that is crucial to innovation and productivity gains.
Expect trade wars to intensify and a more demanding business environment as Beijing seeks greater economic independence while maximising the world’s dependence on China.
Confirmation that China’s man in Washington is leaving after 8 years need not mean his expertise and experience will go to waste.
If the new law is similar to the European Union’s ‘blocking statute’ it may force companies to choose between the US or the Chinese market or motivate them to lobby the US to lift sanctions on China.
So much for the ideological struggle now that the US is straying from the path of free enterprise in its industrial policy, and the Group of Seven is taking a page out of Beijing’s Belt and Road Initiative.
SCMP ColumnistAlex Lo
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