From WSJopinion: If Congress is truly concerned about the Communist Chinese threat, cutting off the flow of Wall Street dollars that is funding Chinese tech growth should be its highest legislative priority, writes robertcobrien
Few issues unite both sides of the political divide more than anger at U.S. tech companies, whether for censorship of conservative viewpoints or for failing to counter misinformation online. In response to these concerns, legislation introduced in Congress would weaken the U.S. tech industry, ostensibly in the name of breaking up monopolies. Unfortunately, the various bills would hurt the U.S. and strengthen the hand of our greatest geopolitical rival, the People’s Republic of China.
As of 2018, nine of the top 20 global technology firms by valuation were based in China. President Xi Jinping has stated his intention to spend $1.4 trillion by 2025 to surpass the U.S. in key technology areas, and the Chinese government aggressively subsidizes national champion firms. Beginning with the “Made in China 2025” initiative, Beijing has made clear that it won’t stop until it dominates technologies such as quantum computing, artificial intelligence, autonomous systems and more.
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