"What does such a test of wills sound like? It sounds like a senior Chinese official telling me at a seminar at Tsinghua University in April that it’s just “too late” for America to tell China what to do anymore on issues like trade, because China is now too big and powerful. And it sounds like President Trump, in effect, telling China: “Says who? Show me what you got, baby!” Or as Trump actually tweeted last week: “We are under no pressure to make a deal with China, they are under pressure to make a deal with us. … If we meet, we meet.”
I guess we should be grateful that this confrontation has been confined to trade, but, as I said, it was inevitable. Because, as one top tech executive pointed out to me: “China is not a ‘near peer’ anymore. It is a peer.”
As Mary Meeker’s latest internet trends study noted, five years ago China had only two of the world’s largest publicly traded tech companies, while the U.S. had nine. Today, China has nine of the top 20 — Alibaba, Tencent, Ant Financial, Baidu, Xiaomi, Didi, JD.com, Meituan and Toutiao — and the U.S. has 11. Twenty years ago, China had none."
https://www.nytimes.com/2018/09/25/opinion/trump-china-trade-economy-tech.html?action=click&module=Opinion&pgtype=Homepage
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