Biden stands by calling Xi a 'dictator' after comment angers China
President Biden on Thursday said calling Chinese President Xi Jinping a "dictator" has not undermined relations between the two countries.
For more than eight decades, the United States has stood alone as the wealthiest, most innovative, and most economically prosperous nation in the world. Our preeminence has ushered in an era of unprecedented abundance and unparalleled opportunities for the American people and billions across the globe.
Technology and innovation are driving forces behind our economic success. Every day, American entrepreneurs and tech companies are creating new products and services that create jobs, foster economic growth, and improve the way each of us work, live, and connect.
But the winds may now be shifting. China is determined to supplant the United States as the world’s premier economic and geopolitical power. In order to achieve this ambitious goal, the Chinese Communist Party (CCP) has launched several significant initiatives aimed at eroding America's technological edge and positioning China as the preeminent economic and technological power of the 21st Century. Their "Made in China 2025" plan, for example, channels massive investments into emerging technologies.
WHAT CHINA IS DOING IN CUBA IS A BIG THREAT TO ALL OF US
Their Artificial Intelligence Development Plan outlines a comprehensive strategy to propel China to global leadership in AI by 2030. Their aggressive 5G research and development initiatives is successfully giving the Middle Kingdom a substantial lead in the race to pioneer the critical technology that will serve as the digital highway infrastructure of the future. And their state-sanctioned mercantilist policies, such as illicit technology transfers and intellectual property (IP) theft, bolster their domestic industries at the cost of countless U.S. jobs and hundreds of billions of dollars in economic production and value.
This comes at a pivotal moment. We are on the precipice of a new tech revolution—one in which a collection of next-generation capabilities—such as AI, quantum computing, and biotechnology—promise to fundamentally upend every facet of society.
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Experts weighed American and Chinese military and civil investments in artificial intelligence and while some believe the U.S. has a slight advantage in developing the technology currently, others worry China has already surpassed U.S. capability (Getty Images)
If China succeeds in pioneering these new, groundbreaking technologies, they will amass tens of trillions of dollars of economic value, establish dominance over critical supply chains, and secure a pivotal military and economic edge on the global stage.
This must serve as a wake-up call to U.S. leaders and policymakers. To safeguard America's economic leadership, it is imperative that we adopt a comprehensive government strategy to accelerate innovation and unleash our unmatched entrepreneurial spirit and penchant for ingenuity.
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American innovation thrives within a rich ecosystem of startups, a robust patent portfolio, and a dynamic economy that supports businesses of all sizes and shapes. This success is fostered by an ethos of openness, a commitment to a free and accessible internet, and an environment that attracts substantial investment.
To support and strengthen this vibrant innovation environment, leaders and lawmakers must collaborate with the private sector to provide our brightest minds with access to capital and the regulatory runway they need to pioneer the breakthrough technologies of tomorrow.
Incentivizing investment in key technologies through tax credits, public-private partnerships, and even direct investments should be a priority. Moreover, we must enable startups and small businesses to access new capital through strategic mergers and acquisitions. And, perhaps most importantly, we must refrain from implementing restrictive policies that dictate how our tech companies can compete, who they can compete with, and how their products should function. Doing so will only thwart innovation and undermine our ability to compete with China.
Furthermore, leaders in Congress and the administrations must work with our allies across the globe to combat China’s rampant theft of U.S. technology and coercive economic practices. Chinese IP theft alone is estimated to cost the United States up to $600 billion a year. While Congress has taken steps to address this problem in recent years, much more must be done. Leaders and lawmakers should institute stronger deterrence measures and expand the scope and authority of the Committee on Foreign Investment in the United States (CFIUS). Collaborating with our allies, we should also develop a robust global framework against IP theft.
Make no mistake—we are in a high-stakes tech race that will determine the balance of global economic and geopolitical power for decades to come. This is our contest to win, but we must be willing to rise to the challenge. Let’s work together to accelerate innovation, support ingenuity, and ensure America remains the most economically powerful and prosperous nation in the world.
Democrat Kent Conrad represented North Dakota in the Senate from 1992 to 2013. Sens. Conrad and Chambliss serve as advisers to the American Edge Project.
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