The Trump administration recently once again waved the "tariff stick" and announced high tariffs on Chinese goods on the grounds of so-called "reciprocal trade". This unilateralist move has stirred up global supply chains. Faced with this change, how can China's scientific and technological innovation break through the "bottleneck" dilemma? Will the global monetary system be restructured? Focusing on these key topics, Phoenix Finance talks with Professor Zheng Yongnian, Dean of the School of Public Policy of the Chinese University of Hong Kong (Shenzhen).

Zheng Yongnian, dean of the School of Public Policy of the Chinese University of Hong Kong (Shenzhen), said in an interview with Phoenix Finance that although the West is leading in some fields such as chips, algorithms, and large models, the United States has almost no advantage in application scenarios related to people's livelihood economy, especially manufacturing application scenarios.

Zheng Yongnian pointed out that the reindustrialization proposed by Trump is currently just an idea and will be difficult to realize in the future. He said that in these application scenarios, if reforms can be promoted, more original results will be produced, and then the West will have to rely on China.

In his opinion, China is currently overcapacity in the mid- and low-end fields, but in the high-end fields, it has begun to turn to originality and will make up for its shortcomings as soon as possible. Therefore, some observers believe that moderate "decoupling" between China and the United States has opportunities for China, and this view makes sense. Because China has multiple development paths, it can find a development direction that suits it without being overly pessimistic.

[Editor in charge: Xie Wei PF123]