With China tariffs delayed, Beijing faces startup dilemma

TechCrunch | 2/25/2019 | Staff
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China is facing a challenging juxtaposition in the coming years: can the government remain in control of business and media while also opening up the country to the knowledge economy?

China has uplifted more humans in a shorter period of time than any other country in the history of the planet. That mesmerizing growth engine, though, is starting to face an intense slog. Economic growth has slowed considerably, and while there are vagaries to these indicators, it is clear that China needs to rebuild its economy as it migrates from industrials into services.

Future - Course - Buzzwords - Silicon - Valley

The future (of course) is all the buzzwords that linger in Silicon Valley coffee shops: innovation, startups, and entrepreneurship, mixed in with some Chinese flavors like indigenous technology development. China has designs to be the world-leader in semiconductors and artificial intelligence. To get there though, it needs to create the intellectual environment to push the frontiers of science and technology.

That’s the debate happening right now. On one side, you have this discussion from the New York Times’ Asia business columnist Li Yuan from this weekend. Chinese entrepreneurs are supposedly fleeing the country and seeking safer waters as the government clamps down on dissent and further censors China’s already narrow internet.

Crash - Worries - China - Prospects - Pessimism

Few are predicting a crash, but worries over China’s long-term prospects are growing. Pessimism is so high, in fact, that some businesspeople are comparing China’s potential future to another country where the government seized control of the economy and didn’t ease up: Venezuela.

Only one-third of China’s rich people say they are very confident in the country’s economic prospects, according to a recent survey of 465 wealthy individuals by Hurun, a Shanghai-based research firm. Two years ago, nearly two-thirds said they were very confident. Those who have no confidence at all rose to 14 percent, more than double the level of...
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