Technology is one of the major issues being discussed by China at its national congress this week. The government sees the sector as critical to its drive for modernization and self-reliance over the next decade and a half.
RT’s Boom Bust is joined by Miami Herbert Business School Dean John Quelch to discuss the matter.
“I think we’re moving from the tariff war to the technology war. There’s no doubt about that. But the US has multiple advantages apart from its current leadership in perhaps 30 or so technology areas that are critical to innovation,” he says.
Quelch says the fact that the US has maybe 15 out of the top 20 research universities in the world is particularly important. “The research assets and infrastructure within the US public and private sectors are really very substantial and the US is now totally aware, I think, that it is in a technology fight with China, and therefore, is going to double down further on R&D (research and development) investment, particularly in basic research. And that is more likely, I think, now with President Biden in the White House.”
According to the professor, “It’s going to be beneficial to consumers and prosperity worldwide to have technology competition this intense between China and the US. That’s going to help the consumer in the long run.”
Source: RT