Dan Wang

They keep raising their production quantities because a lot of people really love these SUVs and they love these cars.

And most striking to me, a few months ago, there's this very well-known German race course in Western Germany called Norbergring, which has this racetrack named the Green Hell because it is twisting through these mountains in Western Germany.

And Xiaomi, in its first time submitting, going into this race, making its very first car, won one of the speed records, beating established companies like Porsche and BMW.

And this is a company that just had the manufacturing workforce, that had the ecosystems of suppliers, that had, to some extent, government support, that was really able to do something that a much richer company was unable to do.

And so this is where I come back to this idea, are we undervaluing China?

Should we really be looking at some of these measures like Nobel Prizes?

Are we undervaluing China financially?

because we are thinking too much about the market valuations of big companies like Nvidia and Apple.

You know, maybe what actually matters is a company saying that it's going to do something and actually achieving it.

And once it achieves it, it is making some really good products that are pretty world-beating.

And so that's something that we see with Huawei, we see with Xiaomi, with a lot of other companies living in this fiercely dynamic entrepreneurial environment.

tearing each other apart through market competition, sometimes underhanded, and producing great technology champions along the way.

What I would point out is that when China decides to do something,

It moves really quickly.

It is much more of a whole of society, whole of government effort.

And it is much more serious about doing a lot of big projects.

And sometimes that goes disastrously off track because they end up committing to something like the one child policy or zero COVID, in which the number is right there in the name.

It's almost an engineering project.

There's no ambiguity about what these sort of things mean.

Whereas the U.S.