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Trade war stalls #China’s march of the robots - The high-tech sector takes a hit from the standoff between Washington and Beijing…
Trade war tensions have stalled the march of the robots in China. As the fallout from the conflict enters a second year, the aftershocks have rippled through the world’s second-largest economy, threatening global growth.
The latest industry to be hit by the standoff between Washington and Beijing is the robotic sector, according to Xin Guobin, the vice-minister at the department of Industry and Information Technology.
“Concerns about the global trade environment, fears of a downtown in the world economy and the poor performance of China’s automakers – which use many of the country’s industrial robots – have led to predictions of lower growth and further industry reshuffle.”
“China’s industrial robot companies are still in the discovery stage, where risks and uncertainties in the sector prevail." Anxieties have increased as the dispute between the United States and China risks plunging the world into a new economic Cold War.
“If the trade friction escalates further, it may eventually lead to a new Cold War,” the latest edition of China’s Economic Security Outlook, compiled by Liu Wei, the policy adviser for the People’s Bank of China, and Su Jian, a professor at Peking University, stated in April.
“The current trade war between the United States and China is not about trade,” Yukon Huang, a senior fellow at the Carnegie Endowment for International Peace and author of Cracking the China Conundrum: Why Conventional Economic Wisdom Is Wrong, said last year.
“This war is about protecting the technological edge that has made the United States the world’s dominant economic power,” the former World Bank director for China added.
“In the future, robots will no longer just be a tool to boost productivity but an advanced, smart assistant to humans, ushering in a new era of intelligent transformation,” Until then, the march of the robots appears to have slowed to a crawl.
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