As emerging technologies like artificial intelligence, quantum computing and advanced manufacturing reshape industries, concerns arise about economic competitiveness, market dominance and supply chain vulnerabilities. China’s strategic investments in these sectors, often driven by state-driven initiatives, have prompted debates over fair competition, intellectual property protection, and technological sovereignty.
The significance of economic security in this context cannot be understated. China’s rapid ascendancy in critical technology sectors has led to questions about dependency on Chinese supply chains and the potential for undue influence. For instance, the dominance of Chinese tech giants in global markets raises issues of market access and competition fairness. Addressing these challenges requires a delicate balance between fostering innovation, ensuring fair trade practices, and protecting national interests. As economic power and technological prowess converge, the effective management of economic security is crucial to preserving innovation, maintaining market diversity, and safeguarding national economies in a hyper-connected world.
Commissioner for Economic Security
Krach Institute for Tech Diplomacy at Purdue Senior Visiting Fellow Kaush Arha outlines the way forward for a free and open Indo-Pacific by economic security through trusted connectivity.
China’s economy has strongly rebounded from the deep dive following the COVID-19 outbreak and has returned to its gradually slowing path. The rebalancing from investment to consumption, from manufacturing to services, and from rural to urban migration have all been set back by the pandemic, but need to restart to make growth sustainable and inclusive.
Coping with the multitude of challenges that China poses will require building coalitions. President-elect Joe Biden knows this.