China's development of nuclear power, electric vehicles and AI is at a level close to, if not greater than, Western countries, the ITIF says.
Chinese firms will likely equal or surpass Western firms within a decade or so, Stephen Ezell, a contributor to the report, said at a Wednesday briefing.
While Western products may still have an edge, Chinese firms are able to offer similar products at a lower price, helping it gain market share in developing economies.
China is not the Soviet Union, and its firms have considerable degrees of freedom to act in largely free markets, ITIF wrote in its report.
#china-innovation #technology-advancement #us-china-relations #research-and-development #global-economy
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