Biden to Face a China Intent on Leading the World in Technology

16 Jan 2021, 02:10 AM IST

(Bloomberg) --

The upcoming inauguration of Joe Biden as president offers the U.S. a chance to reboot its relationship with China after a tumultuous four years under Donald Trump. Bob Hormats of investment firm Tiedemann Advisors, who has served in senior economic and trade policy roles under five different U.S. presidents, joins the “What Goes Up” podcast to discuss what’s at stake.

Some highlights of the conversation:

“He (China’s President Xi Jinping) is clearly intent on developing China's role as a global technological power of the first order in AI, quantum computing, 5G, any number of things. He feels that China was passed over because of its own internal weakness. And because of the West sort of leaping ahead in the last two industrial revolutions, he wants China to be a leader in the technological revolution of the 21st century. And that means competing very hard with the United States and putting a lot of money into this competitive effort.”