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China is no longer a copycat

This serialised white paper explores Trump’s claim that China is simply a copycat. We argue that China has evolved beyond that. On the ground, where local factories feed global supply chains, China is already taking the lead as an R&D powerhouse.

China, today

Part 1

Is China set to seize America's economic crown?

President Donald Trump believes that China is cheating its way back to the top. Is he right?

Part 2

Unravelling modern global supply chains

President Trump’s own clothing company mainly makes its clothing in China, highlighting the difficulty of unpicking the world’s complex supply chains. What are the real sources of US working class relative decline?

Part 3

Apple: saint or sinner?

Apple engages in cost arbitrage to a great degree, providing an object lesson in America Inc’s complicity in America’s relative decline. But do they also distort the balance of trade?

Part 4

Apple’s ‘Zaitech’

Apple, alongside most other US multi-nationals, engages to a great degree in financial engineering. Has this fuelled inequity and populist resentment?

Part 5

China grows up and evolves its model

China is moving beyond the copycat model into a global leadership role in several industries. Has China experienced its own ‘Sputnik moment’?

Part 6

Beyond greed: what else inspires invention?

Classical economics believes that invention results from financial incentives alone. But can other factors explain it?

Part 7

Sleeping giant awakes

President Trump’s awakening the US giant might hold the dragon at bay, but can he stop it?



We examine the evolution of China’s capital markets and its potential impact on global markets. Read more to understand the investment opportunity that we believe China offers.




How are China's capital markets evolving? What should investors consider when investing in Chinese equities and bonds?