China's industrial rise is driven by its ability to commercialize technology quickly, surpassing competitors. Government venture capital funds invested $184 billion in AI firms, leading to successful companies like BYD and CATL through domestic competition. China's R&D spending has exceeded that of the U.S., and the Made in China 2025 initiative achieved 86% of its targets. The focus is shifting from subsidy debates to understanding why China's approach yields globally competitive firms, contrasting with European outcomes.
"The Western debate about China's industrial rise fixates on subsidies, but the real driver is commercialisation: the ability to take technology from laboratory to global market faster than any competitor."
"Chinese policymakers describe their industrial evolution as a shift from the 'old three' exports, textiles, furniture, and home appliances, to the 'new three': electric vehicles, lithium-ion batteries, and solar panels."
Read at TNW | China
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