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The con was that the western companies gave over some serious IP for a decade or maybe 2 of cheap manufacturing. China was trying to industrialize for decades and essentially couldn't do it. Walk in the western companies and they gave all the knowledge, skill, everything ($$$$) for some cheap labour ($).
Western companies think 5 years is a long term plan, so they'll take whatever terms for 5 years (mayyybe 10 if they are unheard of long term planning) and after that is ????, but profit-now-is-everything-by-definition. But China is playing decades at a time, they are getting decades, close to a century of IP, for next to nothing in the big picture.
Yes, china got some leapfrog effect, but tech isn't static. And they are going to hit a wall with AI in particular because of the rampant censorship they cling to for no good reason.
We have seen this play out before. The closed down, autocratic paradigms lose out to the open, permissive ones. If America ends up in decline it will be because Christian nationalists fucked it all up, but it's not going to make China more powerful. The only way for China to become powerful is to liberalize.
That's not what leapfroging is. Leapfrogging is skipping over technology EG skipping over land lines and going to cell phones. That does happen but that wasn't what I was getting at. What I'm getting at is they took in serious serious IP and industrial knowledge. They took in, this is a bit of hyperbole just to get the point across, a century of IP in exchange for some cheap labor for a couple decades. That's how short-sighted Western companies are. (A few decades overall, but for any specific company contract they would get the IP in 5 to 10 years.)
Nor did I suggest that they're closing down. You're simply off the mark on that. I don't think the other guy suggested that either, but I didn't address it. They want to sell to Africa, South America, etc.