The U.S.-China rivalry, Taiwan and Hong Kong | 60 Minutes Full Episodes
60 Minutes・2 minutes read
American CEOs are facing challenges in China due to intellectual property theft and aggressive laws, amidst a deteriorating US-China relationship. Despite economic struggles and military tensions between the two countries, some American companies are thriving in China.
Insights
- American CEOs are facing increasing challenges in China, including intellectual property theft, intimidating laws, and contradictory government messaging, impacting the business environment and raising concerns about the safety of investments.
- The US Navy is strategically focused on countering China's military advancements, particularly in missile technology, to protect its assets in the Western Pacific, with a significant emphasis on modernizing the fleet, integrating unmanned vessels, and deterring a potential Chinese invasion of Taiwan through force posture and alliances.
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Recent questions
What challenges do American companies face in China?
Intellectual property theft and government raids.
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Summary
00:00
US-China Business Relations: Challenges and Opportunities
- American CEOs used to be attracted to China's vast consumer base, but business there has become risky due to intellectual property theft and intimidating laws.
- The US-China relationship has soured, partly due to China's aggressive actions towards Taiwan and in the South China Sea.
- China's economy is struggling with slowing export growth, high debt, and rising youth unemployment.
- Western journalists find it nearly impossible to report on China, but the US ambassador granted visas for a visit and interview.
- More money is leaving China than coming in, posing a significant problem for the economy.
- Chinese government's contradictory messaging on being open for business while raiding American companies has caused concern.
- American companies in China face challenges like intellectual property theft and government raids.
- Despite challenges, some American companies like Starbucks, Boeing, and Tesla are thriving in China.
- President Xi Jinping's policies have led to a centralization of power and a reversal of market reforms, impacting foreign businesses in China.
- The US-China relationship is at a critical point, with economic ties being crucial despite growing competition and mistrust.
19:13
China's Economy and Military Advancements Explained
- A down payment of 1 trillion USD on apartments in China results in the loss of that money, impacting consumer spending and the economy.
- China's economy is heavily reliant on manufacturing and development, excelling in product quality and affordability.
- China dominates the solar panel and wind turbine markets, and is a major player in the car export industry.
- The country is rapidly advancing in electric vehicles, with companies like BYD and NIO leading the charge.
- China is also delving into the humanoid robot industry, with companies like Forier Intelligence creating advanced robots for various applications.
- President Xi aims to double China's economy by 2035 and surpass the West in technology, particularly in AI, biotech, and military advancements.
- The US Navy is preparing to deter China's growing military threat, with a focus on defending Taiwan and maintaining a strong presence in the Western Pacific.
- China's aggressive moves in the South China Sea have led to increased military cooperation between the US and countries like Japan, the Philippines, and the UK.
- China's military investments include long-range precision-guided weapons like the DF-21 and DF-26, designed to target ships, including aircraft carriers.
- The US Navy is strategizing ways to counter China's military advancements, particularly in missile technology, to protect its assets in the Western Pacific.
37:42
US Navy's Challenges and Strategies Against China
- China is compared to a fighter with longer arms than the US in a boxing match scenario.
- The US has a significant advantage in modern Naval Warfare due to its advanced submarines like the 688 Class.
- The US estimates about a dozen nuclear-powered fast attack submarines patrol the Pacific at any given time.
- Communication between the US and Chinese militaries is strained, evident when a Chinese spy balloon was shot down in US airspace.
- Concerns arise about potential conflict escalation, including outer space battles and cyber attacks, if China invades Taiwan.
- The US Navy aims to deter a Chinese invasion of Taiwan through its force posture and alliances.
- The US Navy faces challenges in fleet size and readiness compared to the growing People's Republic of China Navy.
- The US Navy has struggled with shipbuilding mistakes, like the failed Zumwalt class destroyers and littoral combat ships.
- Admiral Mike Gild emphasizes the importance of modernizing the US Fleet and integrating unmanned vessels by 2045.
- The US Navy's budget request for fiscal year 2024 is over a quarter of a trillion dollars, with a focus on countering China's military growth.
55:56
Taiwan's Defense Challenges and Economic Resilience
- Taiwan has ordered weapons but has not received them due to similar requirements from other countries.
- The Taiwanese military has purchased $4 billion worth of weapons that are yet to be delivered.
- Despite threats from China, life in Taipei continues normally with daily activities uninterrupted.
- Taiwan faces cyber attacks, with 20 million attacks daily, tracked in a high-security lab.
- China targets Taiwan's economy, imposing export bans on products like grouper and pineapples.
- Taiwan retaliates with a "freedom pineapple campaign" to boost sales and support farmers.
- Taiwan is a leading exporter of bicycles, sports gear, and a Tech Giant in semiconductors.
- Taiwan's semiconductor company, TSMC, is crucial globally for products like iPhones and computers.
- Taiwan's citizens are preparing for defense, with civil defense classes and training workshops.
- Taiwan is inspired by Ukraine's resistance, prompting discussions on arming citizens for defense.
01:15:57
Hong Kong protests escalate against China's control.
- The protests in Hong Kong began due to a proposed law allowing people to be sent to Mainland China for trial, sparking demands for democracy and civic freedom. Protesters, mainly young, middle-class, and educated, organize through online forums, coming up with innovative tactics like protesting at the airport.
- China's pressure tactics outside Hong Kong, such as Apple and Google's actions, have backfired, leading to more people joining the protests due to police brutality. While the government refuses to negotiate, the young protesters, seen as Hong Kong's last hope for freedom, are willing to use targeted violence against authorities to protect their home.
