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Our science base and our innovation infrastructure need another renewal, as large US companies have cut back on basic research, and effectively have outsourced this to our universities. When Japan threatened, the US responded by improving its product quality in a number of industries, and also strengthened its entrepreneurial spirit by allowing pension funds to invest in venture capital, reducing the capital gains tax rate, and expanding entrepreneurial education.

Dunhuang is a city situated at the heart of Silk Road where the east and west converged during Western Wei dynasty (535-557 AD). Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. China does not want to tear down the international order that has helped make its rise possible. Today the public discussion of responding to China has largely been confined to US tariffs on Chinese goods and boosting US exports to China. The first thing to observe is that the US has seen other nations rise up dramatically before. Trade relations with China appear to be converging on an agreement that will bring more US exports - particularly farm products - to China. All rights reserved. Its exquisite and exclusive Buddhist murals often remained closed to tourists for conservation reasons—but that is what Roy Zou, founder of Metaverse, and his five-person dev team, are trying to recreate in Dragon City.

And Japan’s economy remains much smaller than that of the US. I am best known as “the father of Open Innovation”. As China marks the 70th anniversary of its founding on Oct. 1, CNBC takes a look at the rise of the Asian giant through the years — and projections of where it's headed. This prompted some soul-searching and a lot of hard work on the part of the US and its companies to address some serious issues they had, issues that were impairing the ability of the US to be as innovative as its rival. I am also Maire Tecnimont Professor of Open Innovation at Luiss University in Rome.

A WarnerMedia Company. China’s economic performance over the past 40 years has been nothing short of miraculous. Companies are also contributing to the training problem, by eliminating the kinds of training, rotational programs and internships for newly hired workers that they used to provide.This approach requires us to go far beyond trade policy in dealing with China. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. While Japan remains one of the largest, richest economies in the world, its technological capabilities no longer inspire the same degree of fear in the US. Morningstar, Inc. All Rights Reserved. My first book, Open Innovation (2003), articulates a new paradigm for organizing and managing R&D. All times are ET. Whereas China’s foreign online public diplomacy previously mostly seemed to focus on promoting the positive image of China as a peaceful nation (the 2020 study by Huang and Wang on ‘panda engagement’ analyzes the panda-themed tweets of official media accounts on Twitter), we have seen a different trend in China’s digital public diplomacy over the past year. We are lacking in science, technology, engineering and mathematics (STEM) graduates, and shackling our social science graduates with too much debt at the very beginning of their careers. China is the world's second largest economy by GDP size. My next book, Open Innovation Results, will be available from Oxford University Press in January, 2020. Earlier, in the 1960s and 1970s, many worried about being overtaken by the Soviet Union, particularly after the launch of Sputnik in 1957. Previously, I was an assistant professor of business administration at the Harvard Business School. Yes, I get paid by the word.Opinions expressed by Forbes Contributors are their own.

The US would do well to harness the challenge that China poses, and use that challenge renew its own innovation infrastructure. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018

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