While it is critical for President Trump and US allies to eventually succeed in getting the Chinese to discontinue unfair practices like steal intellectual property it is also naïve to believe that doing so will be enough for the United States to win the race to be the global leader in the industries of the future.
China’s economic performance over the past 40 years has been nothing short of miraculous. In 1978, when Deng Xiao-ping became chairman of the Chinese Communist Party, or CCP, China’s GDP was about $150 billion in constant US dollars, according to the World Bank. Last year, 40 years after the transformation Deng initiated in China, its GDP in constant US dollars had soared to over $13 trillion dollars, a rate of growth of roughly 10% a year. In recent years, this growth rate has slowed to around 6%, but the overall rise of China’s economy has been simply astonishing.
EIG unveiled a new Opportunity Zones "Facts and Figures" page that details the state of social and economic need and opportunity in OZs across the country. The overview takes a closer look at OZ community population and demographics, poverty rates, income mobility, health outcomes, life expectancy, assets and anchor institutions, clean energy installations, and much more.
The Rockefeller Foundation today announced an innovative collaboration with LISC to implement the foundation's $5.5 million Opportunity Zone Capacity Building Initiative in Washington, D.C., Oakland, Newark, Atlanta, St. Louis and Dallas. LISC will work with city and community leaders to build pipelines of responsible development projects and business investments that attract private capital to Opportunity Zones with nearly 500,000 residents.
Doing good while also doing well has long been a challenge for investors who rightly pursue profitable investments, but also want to improve the world they live in. Opportunity Zones, created by President Trump’s 2017 Tax Cuts and Jobs Act, provide a unique investment vehicle to do just that. Since I became head of the Economic Development Administration (EDA) in March, I have worked with Commerce Secretary Wilbur Ross to engage with communities and regional leaders to promote the advantages of investing in Opportunity Zones.
Investors have been undergoing regulatory uncertainty which, at this time, is still in place. “You have final rulemaking from (the) IRS expected before the end of this year,” Lettieri said. “Frankly, until that’s done, I think a good portion of the marketplace is going to sit on their hands, and not really start to move until they have all of their questions answered.” Specifically, he went on to say, investors are being asked to put their capital gain into “higher risk and less well-trodden areas.
As countries increasingly vie to both achieve the highest levels of innovation-based economic growth and attract, grow, and scale innovative enterprises and industries, a growing number have turned to “innovation mercantilist” policies that seek to grow nations’ innovation-based firms and industries through policies such as local production requirements, export subsidies, weak intellectual property (IP) protection, discrimination against foreign firms, economy-specific technical requirements, and data localization requirements.
In the global race for technology leadership, many countries are resorting to “innovation mercantilism” to create unfair advantages for their local industries at the expense of foreign competitors. According to the latest edition of ITIF’s “Global Mercantilist Index,” China is in a class by itself on that front. Given the damage these mercantilist practices do to global innovation, the United States and other free-trading, rule-of-law nations must take stronger steps to push back.
The United States should partially disengage with the Chinese regime to combat its predatory economic practices, according to a recent report by Washington-based think tank The National Bureau of Asian Research. The U.S. administration should pursue defensive measures to stem the flow of critical technologies to China, and work on reaching a ceasefire in the nearly 16-month-long trade war, says the report, which was released Nov. 4.
From 2006 to 2018, income inequality has risen continuously both nationwide and in all states (but not in the District of Columbia). Annual changes vary widely for state income inequality, with some states experiencing increases year after year, and others displaying more volatile trends consisting of both sharp annual decreases and increases.