Innovation, Finance, and Tech Competition

The focus of competitions among big countries is the economic one, while the focus of economic competition is tech competition, and the focus of technological competition is the market share and innovation ability. Over the past 40 years, experience has shown that China’s innovation relies heavily on reform and opening up. Since the reform and opening up, China’s scientific and technological innovation is more embodied in customer-centered innovation and efficiency-driven innovation. Compared with the United States, Europe, and other Western countries, China has made relatively less achievements in engineering technology innovation and scientific research-based innovation. For this, the following three points should be considered to deal with the technological competition and cooperation between China and the United States: First, we should shift the focus of our scientific and technological innovation and establish an independent and controllable innovation system to ensure national security. Second, more policies should be adopted to encourage more enterprises and countries to cooperate with China and enhance its independent innovation capacity. Third, while promoting China’s competitive enterprises to go global and foreign advanced technologies to be imported, we should ensure the domestic market share of Chinese technologies and provide necessary market demand so as to stimulate original technological progress.