A look at China’s industrial policy: how much it spends, how it stands out, and what lessons the U.S. should learn.
How much does Beijing spend on its industrial policy goals? A new estimate suggests the figure could be much larger than first realized.
In May, a team of researchers at the Center for Strategic and International Studies (CSIS), a Washington, D.C., think tank, calculated that China spent around 1.7 percent of GDP — about $250 billion — in 2019 on supporting various industries, an amount that dwarved that of any other major economy.
Now, a revised estimate shared with The Wir
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Bob Fu's relationship with China has gone through phases. First, he thought money would solve his problems there; then he joined protesters at Tiananmen Square, thinking the politics could change. In the end, he determined, only God could save China, and he's been fighting for religious freedom in China ever since he resettled in Texas. With his nonprofit, ChinaAid, prospering like never before, he says the U.S. is finally catching on.