Dan Wang

In the early days of the pandemic, a lot of consumer goods were in shortage.

A lot of furniture was in shortage.

Random fruits ran out, depending on which part of Mexico had a COVID outbreak at that time.

And just generally speaking, I think that the American manufacturing base has not covered itself in glory over the last 20 years.

It's not just Boeing, Intel, Tesla, Detroit broadly.

There's all sorts of rust everywhere.

and inability to move.

If we take a look at China's energy imports, it is importing less and less, in part because it has scaled up so much solar capacity within China.

So by the end of this year, China is expected to add 500 gigawatts of solar capacity.

The US is expected to add about 50 gigawatts, so just one order of magnitude more.

There's 33 nuclear plants under construction in China right now.

There's zero under construction in the U.S.

And the Chinese have been much, much more successful in shifting its consumers into buying electric vehicles.

So at this point, by the end of this year, one out of every two cars sold in China will be electric.

And so they've been able to blunt this dependence that they have on foreign energy.

It's not growing so much, and perhaps it will decline soon enough.

And there's all sorts of ways in which they're also very serious about food self-sufficiency.

They're also very serious about semiconductor self-sufficiency.

And so this is, again, where I see if the U.S.

and China are in competition, China's being much better at patching up its own problems than the U.S.