What is Chinese "Innovation Mercantilism'' and How Should the UK and Allies Res p ond?
During the post-war period there were two main economic systems: free-market (albeit with different levels of state involvement in different nations) and communist. With the fall of the Soviet Union, the "West", and market-based capitalism, had supposedly triumphed. We went from "one world, two systems", to "one world, one system".
It was in this context that China was welcomed into the World Trade Organization in 2001, with the expectation that, while China was far from a market economy, joining the "free traders dub" of the WTO would lead it to become one.
It is dear to all but the most stubborn free traders that this was wrong. Whether China ever had any intention of becoming a market-based economy - the source of heated debates - is largely irrelevant. What is dear is that China's "state capitalist" system is at fundamental odds with the principles and rules of the World Trade Organization and that we are back to "one world, two systems".
While China's system can appear market-based, and the Chinese Communist Party (CCP) goes to great pains to portray it as such, in fact, it is a system in which the purpose of enterprises - private and public - is not to make money; it is achieve global wealth for China. 1
CHINA'S FOUR-STAGE INNOVATION MERCANTILIST PLAYBOOK
The CCP employs an array of tools to obtain that alignment between state and enterprise. In particular, for over a decade, China has embraced "innovation mercantilism" to gain global market share in most advanced technology industries, including existing (such as semiconductors and 5G equipment) and future (such as AI, biotechnology, and quantum computing).
China has a well-worn, four-stage innovation mercantilism playbook that is used to guide the development of virtually every targeted industry and technology.
中国的英文
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