How Trump's trade war threatens China's ambition to lead the world in technology [CNBC]
IHS Markit Ltd. Common Shares (INFO)
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Source: CNBC
How Trump's trade war threatens China's ambition to lead the world in technology 's President Xi Jinping and U.S. President Donald Trump attend a welcome ceremony at the Great Hall of the People in Beijing on November 9, 2017. Nicolas Asfouri | AFP | Getty Images Beijing managed to keep Chinese economic growth steady in the most recent quarter despite a drop in exports to the United States. It did so by boosting government spending and bank lending. But 's technology exporters suffered huge sales drops of up to 40 percent, which ate into profits that pay for technology research. The tariff war is compounding the pain felt by many Chinese companies. They are already enduring stiffened resistance in the United States and Europe to Chinese acquisitions of technology through joint ventures with foreign companies or, with financing by state-run banks, outright purchases. might now have to take the "tougher route" of developing more of its own technology, with less access to foreign pa
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