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America’s industrial-policy advocates see China as a technological juggernaut whose government direction the U.S. must imitate or become a declining power. Yet that’s not how it looks from Beijing, which is frustrated by its second-string semiconductor industry.
President Biden on Tuesday invoked the hobgoblin of Chinese technological superiority as he signed Congress’s $280 billion computer-chip subsidy bill. China has leapfrogged the U.S. in research and development, he claimed, and “is trying to move way ahead of us in manufacturing these sophisticated chips.” Beijing may be trying but it is struggling mightily despite spending enormous sums.
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