Re:US to ban transactions with ByteDance and WeChat in 45 days
by DiogenesKynikos on Friday August 07, 2020 @12:58PM
(#24084079)
It's quite amazing how many people believe that a poor country like the China of the 1990s and early 2000s could manage to hoodwink the Western world into accepting an imbalanced relationship favoring China.
The fact is that Western companies benefitted massively from China's opening-up, and that China was forced to undergo many painful reforms in order to join the WTO. An entire generation of Chinese workers lost their social safety network as a result of the breaking up of the state-run sector.
The joint venture and IP transfer requirements, which have been rolled back over time, were a small price to pay in exchange for accessing a massive pool of cheap labor and a rapidly growing consumer market.
The fact is that Western companies benefitted massively from China's opening-up, and that China was forced to undergo many painful reforms in order to join the WTO. An entire generation of Chinese workers lost their social safety network as a result of the breaking up of the state-run sector.
The joint venture and IP transfer requirements, which have been rolled back over time, were a small price to pay in exchange for accessing a massive pool of cheap labor and a rapidly growing consumer market.