When will the unjust pillorying of China by the United States and Europe end? China’s economic advancement has made it clear that they are no longer able to compete in many key economic areas.
This has led to a shift in thinking towards state-led industrial policies and the recognition of the need for state capital to supplement private financing.
China’s Belt and Road Initiative has spurred US and European efforts to update their outdated infrastructure, with initiatives like the US Inflation Reduction Act of 2022 introducing subsidies for green development.
The US has realized the importance of government intervention in economic development, moving away from relying solely on private enterprise. Similarly, the European Union has introduced an EU-wide industrial policy supported by state funding.