China's manufacturing rise is structural, West must adjust: Tooze and CEPR
Adam Tooze and the Centre for Economic Policy Research (CEPR) argue that China's manufacturing ascent across sectors like AI, aerospace, and biotech is a structural, long-term trend. In a report titled "The New Global Imbalances," the CEPR warns that protectionism will undermine long-term growth. Tooze advises the West to recalibrate rather than resist. The analysis counters the "China-shock" narrative, dismissing claims of unfair competition as the "pesky foreigner" prejudice.
Key facts
- China's manufacturing rise spans aviation, space, AI, telecoms, microprocessors, robotics, nuclear and fusion power, quantum computing, materials sciences, biotechnology, pharmaceuticals, solar power, and batteries.
- Adam Tooze warns the rise of China is a long-term trend to which the West must adjust.
- The CEPR report 'The New Global Imbalances' states failure to acknowledge structural changes will undermine long-term growth.
- Protectionism is criticized as weakening long-term growth.
- The China-shock narrative has persisted for almost three decades.
- Tooze and CEPR ask: Why care? Why now? What is to be done?
- Anxieties about China are built on weak foundations, including the 'pesky foreigner' prejudice.
- The 'pesky foreigner' prejudice claims foreign companies are unscrupulous and collude with governments.
Entities
Institutions
- Centre for Economic Policy Research (CEPR)
Locations
- China