China’s One Trillion-Dollar Tech Campaign to Beat the US
China is planning to spend over $1.4 Trillion on tech in the next five years
There has been no doubt that China and the US have been at each other’s throats with an on-going trade wall that has escalated since COVID-19 hit.
Back in March 2018, Trump himself accused China of “economic aggression,” a sign of uneasy tensions.
The so-called Trump Trade War focuses on two parts. One is around trade, and the other is a battle to dominate technology, especially within emerging and new sectors.
So why the big focus on tech?
To put it in perspective, for trading, the two-way exchange of goods and services between China and the US is worth just under one trillion dollars a year (in 2019).
The total value of daily exchanges that depend on these IT environments is nine times this amount, at a figure of nine trillion US dollars. This includes a tremendous amount of currency trading across the world that depends on these platforms.
There is no doubt why both countries are set in focusing vast amounts of money into tech when so much is at stake.
