Скачать или смотреть EU's Industrial Policy Failure vs. China's State-Led Financialization

EU Industrial Policy: A Structural Flaw
Problem: Slow capital, regulatory complexity, fragmented market.
Case Study: 9-12 month approval for EU CHIPS Act.
Result: Risk of losing industrial base despite talent and green goals.
Competitive Disadvantages:
Sticks (regulation) over carrots (incentives).
Narrow focus on manufacturing, ignoring R&D and design.
Weak Capital Markets Union finances US competitors.
Internal EU subsidy wars undermine single market.
China's Model: State-Led Financialization
Method: Coordinated financial incentives (carrots).
Pillars:

1. State-Owned Enterprises as Venture Capital.

2. Banks integrating lending & equity.

3. $1.8T+ in Government Guidance Funds for strategic sectors.
Outcome: Rapid, massive, targeted capital deployment.

Summarizes the structural challenges facing the European Union's industrial policy, particularly in the semiconductor sector, by contrasting it with China's state-led financialization model. The main claim is that Europe's current approach, characterized by regulatory complexity, slow capital deployment, and internal market fragmentation, is structurally incapable of matching the speed and coordinated capital deployment of its global competitors, risking the loss of its industrial base despite possessing world-leading talent and green ambitions. The logic is that Europe's reliance on sticks (regulation and bureaucracy, exemplified by the 9-12 month administrative approval time for the CHIPS Act) and its narrow focus on manufacturing (excluding crucial R&D and design elements of the supply chain) create a competitive disadvantage. Furthermore, the lack of a cohesive Capital Markets Union allows European pension funds to finance US competitors, and internal EU subsidy wars dismantle the single market's solidarity. In contrast, China's model of state-led financialization uses carrots (coordinated financial incentives) through three pillars: State-Owned Enterprises acting as venture capital entities, banks integrating lending and equity investment to support high-tech firms, and local governments deploying over $1.8 trillion in Government Guidance Funds to strategically direct capital toward national industrial objectives like semiconductors, ensuring rapid and massive capital deployment aligned with long-term goals.