China and the US are locked in a superpower tech war to 'win the 21st century

Come learn with me (Video)https://ab.co/3fyQ1iR points form the
article: - China and the US are locked in a superpower tech war to
'win the 21st century - Chang's company is building a prototype
agricultural robot that kills weeds by spraying hot oil on them,
potentially solving the problem of herbicide-resistant weeds
plaguing the world's farms. - "I think it's really true what they
say — a month in Shenzhen is similar to four months anywhere
else in the world." - While the US has long had the edge in tech,
China is catching up fast, investing heavily in AI, robotics, 5G
and 6G, microchips and surveillance technology. - The US has sought
to contain China's rise as a tech power, banning Huawei's 5G
network in the US and placing a virtual prohibition on US companies
supplying software and components to Chinese tech companies. - Last
year the Trump administration also moved to ban TikTok in the US,
fearing the app could be stealing users' personal data on behalf of
the Communist regime in Beijing. - They say the world is being
split into two competing and mutually exclusive
tech ecosystems, each with its own internet, hardware,
communications and financial platforms. - "China is building its
own internet focused on different values, and is now exporting
their vision of the internet to other countries," Zuckerberg said.
- Chinese social media platform WeChat, the Alibaba online
marketplace and Baidu search engine have created a cyberspace
distinct from the one dominated by US tech titans such
as Facebook, Amazon and Google. - Platforms like Facebook and
Google were banned as the Communist government created a "protected
market" for Chinese tech firms that would willingly submit to
Beijing's political demands. - A tech war has casualties on both
sides and it is going to cost the world dearly. A Deutsche Bank
report estimates the cost of the tech war at more than $3.5
trillion over the next five years. - One key way the US exerts
control over the financial system is through the Swift
International payment network. Every day $5 trillion is transferred
around the world using this system. - If the Biden administration
chooses, it could sanction or cut off Chinese banks and
corporations from international financial markets, causing immense
damage to the Chinese economy. - The Swift system enabled America
to arrest and charge Huawei's chief financial officer Meng Wanzhou
with violating US sanctions against Iran. - China is already
responding to this new financial threat by making its national
currency, the yuan, digital. In 2020, China became the first major
economy to test a digital currency in four of its cities. -
"[Beijing] would be capable of avoiding US oversight and US
sanctions. With the digital infrastructure developed by China, the
US could lose the ability to monitor or sanction." - China
registered nearly 60,000 patents — 1,000 more than the US
— and most of them came from Shenzhen. - But China is spending
big on hi-tech research, announcing a five-year plan worth $1.8
trillion dollars to dominate AI, robotics, 6G and all other
technologies by 2035. -
https://www.abc.net.au/news/2021-07-08/trump-facebook-twitter-china-us-superpower-tech-war/100273812

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