China's Economy (I)

choi

(1) Peter Coy, Kevin Hamlin, Keith Zhai, Enda Curran and Andrew Mayeda, Chimerica. Bloomberg BusinessWeek, May 21, 2018.
https://www.bloomberg.com/news/a ... ust-getting-started

Quote:

(a) "British historian Niall Ferguson and German economist Moritz Schularick coined the term 'Chimerica' over lunch in a Chinese restaurant in London one day in 2006. Their mashup of 'China' and 'America' caught on because it crystallized what everyone could see: Despite, or rather because of, their many differences, these two giant nations were locked in an economic embrace. China shipped tons of merchandise to the US, creating manufacturing jobs that lifted millions from poverty. The US got cheap goods and paid for them with quintessentially American products such as passenger jets, movies, and US Treasury bonds—essentially, borrowed money.  Now Chimerica is coming apart.

(b) "the clear evidence that the US is capable of shutting down one [ZTE] of China's most important tech companies practically overnight has almost certainly made the Chinese more determined than ever to build up their domestic capabilities. 'China’s sense of encirclement is elevated,' Jeremy Stevens, a Beijing-based economist at Standard Bank Group Ltd [based in Johannesburg, South Africa; stocks listed in several exchanges], wrote in a May 10 note.  Bo Zhuang, chief China economist in Beijing at research firm TS Lombard, puts it even more bluntly in an email: 'We are heading towards a technological arms race between China and the West.'

(c) "The gradual disintegration of the Chimerica symbiosis is likely to be the world's biggest business story for the next several years, if not decades.

(d) "What went wrong with Chimerica? There were problems even when the countries were close. The influx of cheap products from China wiped out millions of well-paying manufacturing jobs in the U.S. By loading up on US debt to keep its currency cheap and its products competitive, China helped suppress US interest rates. That fueled the housing bubble, whose bursting was a key factor in the 2007-09 recession and global financial crisis.

"The countries aren't so close anymore, largely because they're becoming economically more alike. China is no longer content to make toys and other low-margin products. It wants to compete with America's and the world's most prestigious, successful companies. With 'Made in China 2025,' a policy blueprint unveiled three years ago * * * the Chinese are subsidizing national champions while sometimes limiting the role US and other foreign companies can play in China's vast domestic market or requiring them to license their key technologies to Chinese partners in return for market access.

(e) "As long as the US and China had complementary strengths and needs, the relationship between them was a net plus for both sides. As they gradually shift from partners to competitors, anything that's good for one begins to be perceived as bad for the other.

(f) "(His [Xi's] top-down approach to innovation could fail, of course. For example, a recent study published by Oxford University’s Future of Humanity Institute found that China trails the U.S. in artificial intelligence on most fronts despite heavy investment.)

My comment:
(a)
(i) summary underneath the title the print: Competition has replaced complementary strengths as the defining features of US-China relations
(ii) summary in print's table of content: About that Chinese-American alliance: It's falling apart
(iii) online title: The US-China Rivalry Is Just Getting Started
(b) Print and online version are identical.
(c) I suspect the last author's surname is Americanized version of Japanese Maeda. Englishing speaking world often arbitrarily adds a letter to standard Japanese romanization. Examples are plenty: Japanese yen 円 (standard romanization: en) , US senator (Democrat-Hawaii; deceased) Daniel Inouye (standard Inoue 井上), Iwo Jima (standard: Iō-tō 硫黄島) and kudzu (standard: kuzu (Japanese pronunciation of) 葛).

(d) "Bo Zhuang, chief China economist in Beijing at research firm TS Lombard * * *: 'We are heading towards a technological arms race between China and the West.'"
(i) TS Lombard's website states, "In 2016, Trusted Sources and Lombard Street Research [1989-2016; a macroeconomic forecasting consultancy based in London, but NOT in its Lombard Street] came together [merged] to form TS Lombard."

Lombard Street, London
https://en.wikipedia.org/wiki/Lombard_Street,_London
(section 2 History: name)
(ii) I fail to find Chinese name of Mr Bo Zhuang, whose quotation here I consider is a hyperbole (though a few Western media also say China and US lock horns in an technological arms race, and President Trump did say he blocked Broadcom 's bid for hostile takeover of Qualcomm with China in mind). See (quotation (f).

(e) The table shows a few interesting facts: In 2016
(i) "US exports to China": Glues $0.2b, Gold $2.2b, Human or animal blood $1.6b.
(ii) "Chinese exports to the US": Fake hair $1.3b, Fireworks $0.4b, Trunks [皮箱] and cases $7.8b.

PS Sorry, the graphic in the online version shows only left side of each panel. I search teh Web but can not find full graphic.