U.S. President Bayeng signed an administrative order on August 9 to set up a foreign investment review mechanism to restrict the investment in the field of Chinese semiconductors and microelectronics, quantum information, and artificial intelligence in China.Investment in China in the field of security is reported.The author believes that the new investment restrictions in the United States will affect the development of Chinese technology companies in the above -mentioned fields, but the focus is not on funds, but the innovative ecosystem behind American investors.
Chinese companies do not lack funds.The Chinese government has always given strong support to the development of high -tech industries in a subsidy and government -guided fund.In 2023, even in the context of a cliff -like decline in foreign capital, related investment did not decrease.For example, the semiconductor industry, the proportion of China in Tokyo Electronics revenue in the world's fourth largest semiconductor equipment company, from 23%in 2022 to 39%in the second quarter of 2023.Process equipment investment.
Limit the real focus is that it has greatly weakened the possibility of restricting investment and strengthening information supervision, greatly weakening the possibility of Chinese technology companies behind American investors.
The characteristics of modern high -tech industries are open innovation.Enterprises rarely complete all innovation activities within the organization.Application scenarios to achieve collaborative innovation.This ecosystem is a valuable soil to cultivate modern scientific enterprises.
There are two main categories of American capital investing in the Chinese technology industry, both of which are key nodes in the global open innovation ecosystem.The first category is the top Chinese branches of the world's top venture capitals such as Chinese and Hainan Asia.Taking Sequoia China as an example, investment targets include a large number of well -known science and enterprises including Meituan, Pinduoduo, Yaoming Kangde, Bybulus, and Shein.Since 2017 alone, Red Shirt China has invested in more than 900 companies with high development potential in the three major areas of technology, consumption, and medical and health.The top venture capital such as red shirts can not only help investment objects to obtain key information and business resources through the extensive connections and commercial networks of high -tech industries in the global high -tech industry, but also promote cooperation between investment objects of different industries and backgrounds to carry out cooperation, To achieve synergistic effects, unexpected innovation results.
The second category of investing in China technology investment in China is an investment fund led by Qualcomm, Intel and other science and technology companies.These companies have key core technologies. They often invest in start -ups to create an innovative ecosystem around their own technical platforms.Taking Qualcomm as an example, as a leading enterprise in the field of mobile communication, investment targets in China are mainly focused on the four aspects of 5G communication, namely AI+5G, XR+5G, robot/autonomous driving+5G, and Internet of Things+5G.While providing funds, Qualcomm uses his own technical resources to carry out strategic cooperation with investment objects.For example, Qualcomm and Tsiming Zhixing jointly developed the most global computing power -based autonomous driving computing platform.As of 2021, Qualcomm Investment has completed investment in more than 70 Chinese companies, of which at least 10 have grown into unicorn.
The key point of the US government's investment restriction order is that artificially blocked the opportunity to continue to enter the US -owned innovation ecosystem in the relevant sensitive areas.This will cause dual infusion.For Chinese enterprises, the opportunities to obtain new technologies and other innovative resources will be greatly reduced with various innovative subjects in the ecosystem.For American investors, not only investing in income, but also the diversity of innovative ecosystems will also decrease significantly.
The restrictions of the US government will force some US dollar funds to split Chinese business.For example, Red Shirt Capital has officially released a plan. The fund is split into three independent partners including China. The three new venture capital companies will no longer invest in each other and no longer share investment profits.
Limited orders will also promote China to further cultivate and strengthen its own innovative ecosystem.With the evolution of this ecosystem, China will gradually establish its own technical standards and technical routes in the frontier technology field, including artificial intelligence and semiconductor.In the end, the global high -tech industry is at the forefront and most sensitive part of the world, which is likely to show the unique scene of "one world, two systems" (one world, Two Systems).
The author is the director of the Asian Institute of Economic Research Institute of Japan Trade Promotion Institute
