China may seem from the outside to have a joined-up industrial strategy, but internal interests aren't always aligned.
An employee works on the production line of Zhejiang Huilong Chip Technology Co., Ltd. October 25, 2024, in Jinhua, Zhejiang. Credit: Pan Qiuya/VCG via AP Images
President Trump’s State of the Union demand that Congress repeal the CHIPS Act — which allocated over $50 billion to support the U.S. semiconductor industry — has reignited a familiar lament in Washington: if only the U.S. could match Beijing’s long-term commitment to industrial policy. But this view overlooks a crucial reality. China, too, struggles to craft and implement coherent national strategies for its critical industries.
During BYD's 30th-anniversary year, the company celebra
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