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The Real Danger of Doing Business in China
U.S. Senator Marco Rubio (R-FL)
December 18, 2023
…On November 16, [Boeing CEO Stanley] Deal forked over $40,000 to sit with Xi Jinping at the latter’s corporate summit in San Francisco…. It’s a perfect illustration of how insane the U.S.-China economic relationship has become, because Xi’s stated goal is to displace Boeing in a matter of years….
Xi has tasked China’s public and nominally private sectors to achieve “self-sufficiency” in advanced manufacturing within the near term. This requires significantly lowering the global market share of American companies, not just through competition, but through state subsidies, market manipulation, and outright theft of trade secrets and intellectual property….
Are our corporate elites aware of this? Right now, there is plenty of attention being paid to China’s increasingly draconian legal system, and there is plenty of ink being spilled on investors “de-risking” from Shanghai and Hong Kong. But the greatest danger of doing business in China is not that American companies will fall out of favor with the world’s largest communist regime—it is that their cooperation with that regime will render them obsolete, once and for all….
[P]olicymakers have a duty to protect our national interest, and therefore, they have a duty to pass common-sense laws that protect and strengthen America’s edge in advanced manufacturing. This means authorizing more targeted investment in domestic production. It means enacting tighter export controls. And it means placing greater restrictions on inbound and outbound investment….
These measures may be unpopular on the corporate left and the libertarian right. But they are what’s best for our country—and for the long-term interest of companies’ shareholders, who stand to lose everything if Beijing emerges victorious….