Raja Krishnamoorthi: How we can win the economic contest with China

Raja Krishnamoorthi: How we can win the economic contest with China

By Raja Krishnamoorthi

The last century is often referred to as “the American Century,” largely because of our country’s economic strength that provided unprecedented prosperity for millions of American families. Today, one of the critical questions we’re facing is who will be the economic and innovation leader of the 21st century: America or China?

In 1978, when China began to open its economy, America produced four times more steel than China. Now, China produces 12 times more steel than America.

In 1978, America produced more cars than China. Now, China is the world’s largest carmaker. In 1978, America was the world’s leading economy. Now, we remain the world’s biggest economy, but the China has the world’s second largest economy and aims to be No. 1.

If the trajectory of China’s growth is not a wake-up call for America, here is one more troubling statistic: China now leads in 37 of 44 technologies that are considered important for the future of our world, according to the think tank Australian Strategic Policy Institute. This includes 5G, nanoscale manufacturing and drone technology.

America’s biggest economic strength has always been its people. Whether we were born here or, like my family, came here from distant shores seeking a shot at the American Dream, our hardworking, ambitious and innovative people have given us a competitive advantage.

Read the rest @ https://www.chicagotribune.com/opinion/commentary/ct-opinion-china-us-competition-economy-technologies-20230531-gzmsj6vtufbtfku4emclwvj2iu-story.html


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