Joe Biden’s China strategy is not working | 商论双语

八月九日，美国总统拜登亮出了美国对华经济战的最新一件武器。新法规将监管私营部门的对外投资，禁止在最敏感的技术上对中国投资。世界上最强大的资本主义捍卫者动用这样的限制来对抗一个魄力和威胁日增的竞争对手的崛起，这是其经济政策发生深远转变的一个最新信号。

ON AUGUST 9TH President Joe Biden unveiled his latest weapon in America’s economic war with China. New rules will police investments made abroad by the private sector, and those into the most sensitive technologies in China will be banned. The use of such curbs by the world’s strongest champion of capitalism is the latest sign of the profound shift in America’s economic policy as it contends with the rise of an increasingly assertive and threatening rival.

几十年来，美国为贸易和资本的全球化欢呼，它们为消费者带来了效率提升、成本降低的巨大好处。但在一个危险的世界里，只有效率已经不够了。在美国以及所有西方国家，中国的崛起让它们的其他目标成了重点。官员们想要限制中国获得可能会增强其军事实力的尖端技术，还想在始终由中国牢固掌控的地区另外打造供应链，这都可以理解。

For decades America cheered on the globalisation of trade and capital, which brought vast benefits in terms of enhanced efficiency and lower costs for consumers. But in a dangerous world, efficiency alone is no longer enough. In America, and across the West, China’s rise is bringing other aims to the fore. Understandably, officials want to protect national security, by limiting China’s access to cutting-edge technology that could enhance its military might, and to build alternative supply chains in areas where China maintains a vice-like grip.

结果就是一连串针对中国的关税、投资审查和出口管制措施，首先发难的是前任总统特朗普，现在是拜登。美国财政部长耶伦出访了德里和河内，宣扬“友岸外包”的好处，示意公司老板们撤离中国会是明智之举。这背后的思路是，尽管这些“去风险”措施会降低效率，但只局限于敏感产品能限制这种损害。而且付出一些额外成本是值得的，因为美国会更安全。

The result is a sprawl of tariffs, investment reviews and export controls aimed at China, first under the previous president, Donald Trump, and now Mr Biden. Janet Yellen, America’s treasury secretary, has travelled to Delhi and Hanoi to tout the benefits of “friendshoring”, signalling to company bosses that shifting away from China would be wise. Although such “de-risking” measures would lower efficiency, the thinking goes, sticking to sensitive products would limit the damage. And the extra cost would be worth it, because America would be safer.... ...

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