Good evening. In 2017, Johnson & Johnson placed a huge bet on Chinese biotech IP and went on to produce one of the biggest breakthroughs in cancer treatment of recent years. But with the founder of the Chinese company arrested along the way and the environment tightening in the U.S., will such collaborations exist in the future? Our cover story this week looks into the biotech urban legend. Elsewhere, we have infographics on China’s foothold in Europe; an interview with Brad Setser about China’s currency policy and its influence over U.S. markets; a reported piece about Barbie’s nine-dash line; and an op-ed about the societal steps backwards that China’s economic troubles could cause. If you’re not already a paid subscriber to The Wire, please sign up here.
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Once upon a time, a U.S. company and a Chinese company developed an innovative and effective treatment for cancer. Will that ever happen again? Grady McGregor reports.
This week’s infographics by Aaron Mc Nicholas look at recent investments from Chinese companies into Hungary, and considers why the country proves attractive for investment.
Brad Setser was deputy assistant secretary for international economic analysis during the Obama administration, when the Treasury was pressing China to revalue its currency and shift away from a reliance on exports. In the Biden administration, he was a counselor to U.S. Trade Representative Katherine Tai, who has worked on resolving disputes with allies begun during the Trump administration. He is now a senior fellow at the Council on Foreign Relations where he publishes the blog ‘Follow the Money’ — a must read for policy makers, academics, and students of economic policy making. In this week’s Q&A with Bob Davis — part of our ‘Rules of Engagement’ series — he talks about the myths and realities of China’s financial power.
Illustration by Kate Copeland
Beijing’s desire to promote its worldview through movies is putting pressure on major film studios. Isaiah Schrader reports.
Young women’s darkening employment outlook is just one of many signs that the Chinese economy is headed in the wrong direction, argues Nancy Qian in this week’s op-ed.
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