Low R&D Spending May Be China’s Achilles’ Heel

Good to hear about the R&D-friendly stock exchange. I hope this and eventually private equity will enable Chinese tech to do well enough that they don't need to pursue the less laudable strategy—

> Made in China 2025 is Beijing's plan to dominate global markets in a wide range of high-tech products. China's strategy is to give large government subsidies to state-owned companies and supplement their research with technology stolen from American and other Western companies. This theft includes using the internet to invade the computers of foreign firms and forbidding companies to do business in China unless they share their technology with Chinese firms.

“Tariffs Should Target Chinese Lawlessness, Not the Trade Deficit” in The Wall Street Journal (28 December 2018).