Many argue that regulating Big Tech cedes leadership to China, but a healthy startup ecosystem is America's best defense.
includes plans to boost commercial bank lending to small manufacturing firms and raise R&D tax breaks for small and medium-size sci-tech firms from 75 percent to 100 percent.
Beijing recognizes that regulating consumer-facing tech giants need not spell the end of China’s innovation drive. Despite the antitrust campaign, the Chinese government is stillto out-innovate the United States; but it believes that injecting more competition into its domestic technology landscape is the best way forward.
The United States should take note of China’s evolving innovation strategy. Though Beijing’s heavy-handed antitrust activities may give US tech giants an advantage over their Chinese peers for now, the US tech ecosystem as a whole could still suffer from market concentration at home and competition from innovative SMEs abroad.
Beijing’s approach to innovation should push Congress to pass legislation that prevents tech platforms from picking winners in online markets, ensures small companies do not get swallowed up by their larger rivals, and makes it easier to form tech startups in the United States. In the innovation race, properly regulating big tech is only one part of the battle. To compete with Beijing, the United States must make its own innovation ecosystem more competitive.
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