Recovering from the China Shock by Paul Simon

 Marc Batko From:marc1seed@yahoo.com To:marc1seed@yahoo.com Mon, Aug 28 at 7:07 PM https://www.konicz.info/2023/08/02/the-money-of-the-upstarts/ https://www.konicz.info/2023/08/26/interest-rates-rise-rents-too/ Recovering from the China Shock U.S. industrial policy and competition with China Joe Biden's U.S. administration promises a "foreign policy for the 'middle class'" and wants to prevent China from outstripping the U.S. in high-tech industries. It's also about selling investments in so-called green technology in a way that even Republicans can't refuse. by Paul Simon [This article posted on 8/24/2023 is translated from the German on the Internet, https://jungle.world/artikel/2023/34/us-industriepolitik-wettbewerb-mit-china-erholen-vomchinaschock.] Representatives of the "middle class" at the White House. Ceremony one year after the signing of the Inflation Reduction Act, Aug. 16. On August 9, President Joe Biden issued a decree banning investment from the US in China's high-tech industry. Among the companies affected are those that produce sophisticated microchips, artificial intelligence and quantum computers. These technologies have special significance for military and surveillance technology, and in the wrong hands would pose "an extraordinary threat to the national security of the United States," the decree says. The U.S. government has been taking action against the Chinese computer and microchip industry for nearly a year. Sophisticated microchips may no longer be sold to Chinese customers, and the export of the technologies to produce and develop them is subject to sanctions. The "Chips and Science Act" passed a year ago, which among other things provided billions in funding for research and production of microchips in the U.S., was also presented by the Biden administration as a measure against China. The law would "cut costs, create jobs, strengthen supply chains, and counter China," a White House press release at the time promised in its headline. When U.S. government representatives justify their turn toward active industrial policy, they often point to China as a rising competitor.