The world outside the US is increasingly driving Chinese electric vehicles, scrolling the web on Chinese smartphones and powering their homes with Chinese solar panels.
But despite more than six years of US tariffs, export controls and financial sanctions, Xi is making steady progress in positioning China to dominate industries of the future. New research by Bloomberg Economics and Bloomberg Intelligence shows that Made in China 2025 — an industrial policy blueprint unveiled a decade ago to make the nation a leader in emerging technologies — has largely been a success. Of 13 key technologies tracked by Bloomberg researchers, China has achieved a global leadership position in five of them and is catching up fast in seven others.
That means the world outside the US is increasingly driving Chinese electric vehicles, scrolling the web on Chinese smartphones and powering their homes with Chinese solar panels. For Washington, the risk is that policies aimed at containing China end up isolating the US — and hurting its businesses and consumers.
“China continues to climb the ladder of manufacturing dominance and technological advance,” Bloomberg Economics and Bloomberg Intelligence said. “If the US wants to win the competition, Washington will need to run faster or try harder to trip China.”