Arthur Kroeber

Maybe, maybe not.

They, you know –

They tried various different types of subsidies.

So initially they were producer subsidies to just like get companies to produce more.

Then they had a lot of buyer subsidies.

So at the individual level, but also the city government level to promote, you know, things like electric buses.

And so I think all of that played a role.

And I think what was important was that the government set a very clear direction and they said, we want this to happen.

And we really want it.

And we don't know how long it's going to take.

And we're just going to keep trying different things until it works.

Because the goal of creating this electric vehicle sector and the whole supply chain for it, that's what we want at the end.

Yeah.

No, it's definitely perilous.

So if you look at China has a list of key industries.

It's called the strategic emerging industries.

They came up with it basically in 2010.

It built on previous iterations of industrial policy.

Most of it is not really an effort to predict with high degree of specificity what comes next.

They're mostly pretty obvious things like semiconductors, industrial automation, new materials, all this kind of stuff that I think would be on anyone's list if you were just sort of running a VC fund and saying, what are the sectors that we think are- But most VC funds are like losing money.