Arthur Kroeber

CATL, very good company.

You look at the totality of the corporate universe in the world, it's still pretty big.

US companies are incredibly powerful and adept across many, many, many technological sectors.

They are very good at what they do.

In many cases, they still have very strong positions in China because they're so much better at what they do than the Chinese competitors.

We're dealing with the rise of a new entrant on the global stage and that's uncomfortable and there's some jostling there.

But we should also not overstate the degree to which even on a sort of a commercial industrial side that we are sort of existentially threatened by this.

There's some real challenges there.

But a lot of this notion that we will –

that we will not have an auto industry in five years because of BYD.

Let's get a grip, folks.

We could end up there, but if we end up there, it's because we will have made a bunch of really bad policy decisions that got us there, not because this competitive threat exists.

So mostly it's on us to figure out how to get things right on our own terms within our own system.

And then I think basically we'll be fine.

But right now, that isn't kind of where the conversation is particularly.

Well, I think one of the things I often describe China as a very turbulent and very deep ocean.

So you skim along the top and you see the huge waves, right?

So all the stuff that's been built, all of the, you know, cities, the high rises, the industrial parks, the high speed rail and so forth.

And then you go below that and there's a very deep, still ocean of ideas, concepts, bureaucratic tendencies and so forth that have built up over centuries that in a lot of ways does not change that much.

So a simple example on this is how to make that more concrete.