Engineers, supply chain depth and policy execution matter as much as spending for countries chasing advanced manufacturing
It may be too early to place the “newer three” on the same footing as the previous trios, given their relatively combined smaller export base and the likelihood that the composition will change. Still, the trajectory is striking. It took roughly two decades for China to climb from the “old three” to the “new three”. Just years after the “new three” entered the spotlight, Beijing is already signalling what’s next.
Industrial subsidies are the explanation many reach for. Public funding is indeed part of the story, especially in frontier sectors such as AI. Compared with the United States, China has relied more heavily on state-backed channels than private capital. Government funds invested an estimated US$184 billion in AI firms between 2000 and 2023.
Source: News - South China Morning Post
