By South China Morning Post | Created at 2024-10-17 21:44:48 | Updated at 2024-10-18 00:32:29
3 hours ago
I was pleased to read a recent Harvard Business Review article that highlighted four key strengths of the Chinese economy, exploring their positive implications for multinational companies. The analysis of China’s innovation ecosystem, investment in the Global South, ultra-competitive markets and the potential of its 1.4 billion consumers was particularly compelling.
The article was co-authored by high school student James B. Estes, who is conducting research at the Fairbank Centre of Chinese Studies at Harvard University. The other author is Mitchell Presnick, founder of Super 8 Hotels China, a visiting fellow of practice at the Fairbank Centre.
They recognised the critical need for greater engagement with China, highlighting the benefits and abundant opportunities that could arise from easing the geopolitical tensions that continue to escalate in the run-up to the US presidential election.
While neither presidential candidate aims for open conflict with China, the disputes over trade, technology and Taiwan will probably continue and intensify. The lack of attention paid to China during the election campaigns was somewhat predictable as voters have been more concerned with issues such as abortion, crime, immigration and inflation.
Unfortunately, one consequence of the toxic rhetoric is a drop in Chinese students studying in the United States. In the 2022-2023 academic year, fewer than 290,000 enrolled, the lowest in nearly a decade.
This trend reflects rising anti-Chinese sentiment in the US, its high crime rates and growing student fears about visa denials. Additionally, the costs associated with studying in America exacerbate the situation as many families weigh the benefits of education abroad against financial considerations, and increasingly seek more welcoming destinations.
