It seems to be already happening in genetics research.
There are excellent groups in all countries, but in terms of superior tech on any side, I have not seen any.
There are great companies that facilitate genetics research, but the best tech in that case still is American (Illumina, Affymetrix, 10X genomics).
Company IP is up for theft, one way or the other. I think, that is not going to be an edge for long - given the amount of Capital China has amassed.