China's industrial climb driven by engineers and policy execution, not just subsidies

A South China Morning Post opinion piece argues that China's rapid industrial ascent, from the 'old three' to the 'new three' export categories, is fueled by more than state subsidies. While public funding is significant—especially in AI, where government funds invested an estimated US$184 billion between 2000 and 2023—the article emphasizes the roles of engineers, supply chain depth, and policy execution. It notes that it took roughly two decades for China to transition from the 'old three' to the 'new three', and Beijing is already signaling the next phase. The piece cautions against overstating the 'new three's' impact due to their smaller combined export base and likely compositional changes.