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China Unseats US As Global Investment Leader In Financial Technology: Report (fortune.com)
Paul Fernhout writes: China has unseated North America as the global investment leader in financial technology, or "fintech," according to Citigroup's latest report on "digital disruption." The researchers attribute the power shift to the rise of what they term "Chinese dragons," an industry term for the biggest upstarts in Asia. Think of Ant Financial, the payments spinout of Alibaba, as well as Lu.com, JD Finance, and Qufenqi, emerging eastern juggernauts that are generally less familiar to consumers in the west. China accounted for more than half of all fintech investments globally in the first nine months of last year, the report said. Specifically in terms of venture capital, the country more than doubled its worldwide share of the investment category, rising to 46% of the global total versus just 19% the same period in 2015. The U.S., meanwhile, sunk to 41% of the global total from 56% during the same period in 2015, putting it behind China.
Trump kills TPP, giving China its first big win
https://www.washingtonpost.com...
"Economists have warned that many of Trump’s proposals — including suggestions that he would impose blanket double-digit tariffs on goods from Mexico and China — could backfire on the American economy by causing prices to rise or igniting a trade war,"
A retreat from the TPP now gives Beijing, which has been negotiating its own trade blocs, a chance to fill a void. Since Trump's election, the Philippines, Singapore and Malaysia have shifted toward China's proposed Regional Comprehensive Economic Partnership, which would also reduce tariffs — without many of the standards put in place by Obama's plan — and redirect Asian trade China's way. Other nations in the region are likely to follow suit.
I don't read your sig. Why are you reading mine?
No, it won't leave America forever.
First off, as an aside, we aren't giving the Chinese money for nothing. They are giving us product in return. We keep the benefit of that product forever. Even if it's a toy that helps in child development. The lower cost screwdriver may allow you to live in a better house.
More importantly, the money isn't gone forever. You seem to believe that we will never be able to offer anything the Chinese would ever want. That's just basically false. They are buying stuff from us like airplanes, construction equipment, entertainment, and high tech stuff. Even though they have 1.3 billion people, they still cannot and never will be able to make *everything* they would ever want. It's basically defeatist to say the Chinese won't want anything we can make. How does Germany have a trade surplus with China? Germans buy nearly as much stuff per capita from China as Americans .. yet they are consistent with a trade surplus with China. That's because Germans have figured out what Chinese want to buy and they are selling to them. China gets a lot of its machinery from Germany. Germany doesn't have tariffs on China and it does robust trade two ways.