Lu Xiaowei Column: Is the U.S. Retreating from the U.S.-China Competition in Semiconductors, AI, and Fintech?

Recently, there have been growing concerns that the U.S. may be retreating from the U.S.-China competition. Since the Trump administration initiated a trade war against China in 2018, the competition between the two countries has intensified. The U.S. has employed tariffs and technology blockades to suppress China's economic growth, but recent developments suggest that China may be breaking through these barriers. For instance, reports indicate that China has achieved self-sufficiency in lithography machine production, causing ASML's stock price to plummet. Additionally, China's AI technology is expanding its market share through open-source models, challenging U.S. market dominance. Furthermore, China's advancements in fintech are remarkable, with the country boasting a higher number of patents than the U.S. These trends suggest that U.S. policies against China may be backfiring, leading to China's increasing technological and economic superiority.