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This is CBS I on the world.

This is CBS I on the world. I'm John Bachelor with Arjun Ramani

of The Economist magazine Global Business writing about the technology competition between

the PRC that is now in the moments after the 20th Party Congress a direct contestant for world domination in the high-end

strategic industries.

Semiconductors, AI, biotech, health is certainly involved in vaccines and quantum computing.

Arjun, thank you for this.

What is, and Juguotichi?

I say that roughly whole of nation system what is that system in china

yeah that's great question the whole of nation system is this idea that the the Chinese Communist Party is basically able to marshal all of society's resources and all the actors to you know invest and act in accordance with the national interest.

And a great way to see that is if you look at even

the private sector, which you might expect

to be independent of the state,

it turns out that a huge share of their investment is actually in accordance with state priorities.

And that happens because the CCP, the Chinese Communist Party, is basically able to, you know, set up these

interesting capital structures where it acts as a limited partner in a lot of private

...