As the situation between the world’s two biggest economies heats up, a report mentions that China will soon take over as the world’s largest economy. China’s tech capabilities have come under fire by the US in recent years. Despite restrictions on its tech market by Japan, US, and Netherlands, China’s economy continues to grow.
India, China, And Southeast Asia
India, China, and Southeast Asia will be providing an important growth engine to the future world economy, according to the global financial market report. China’s real GDP growth rate is expected to jump to 5.2% from 3% in 2022. Indian economy is also expected to grow tremendously in the foreseeable future. On the other hand, the US is doing everything in its hand to counter China in taking over microchip technology.
$52.7 Billion Substudies
The Biden administration has imposed severe digital restrictions on China by limiting the exports of chipmaking equipment. The chips and Science Act of 2022 was signed to become law by the US president to subsidize the American semiconductor industry to compete with its Chinese counterpart.