China and the Technology Race
To deliver rising living standards to its citizens, China needs to move up the production value chain. Technological progress and innovation are at the heart of this. That is why US measures to restrict China’s access to technology are viewed by Beijing as far more serious than tariffs: the former is tantamount to an attempt at containment. China spends nearly the same amount the US does on research and development (R&D), closing in on $US500 billion every year. (more…)