Australian ambassador: ‘American model is proving its resilience’ despite threat from Chinese industrial policy

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China may be outspending the US when it comes to industrial policy in sectors like electric vehicles and semiconductors, but America is winning on innovation where it can’t on price, according to one China expert. Speaking to Yahoo Finance, Australian Ambassador to the US Kevin Rudd said the Biden administration’s own industrial policy, including subsidies doled out through Biden's landmark climate and chip manufacturing laws, is starting to move the needle in an increasingly heated competition with China. “Where the American scientific, technological, industrial base has a huge advantage is, frankly, in its inbuilt nimbleness, flexibility, ability to pursue ready...