Harvard Case - US-China Economic Relations: Which Path to Take?
"US-China Economic Relations: Which Path to Take?" Harvard business case study is written by Zhigang Tao, Shangjin Wei, Erik Tollefson. It deals with the challenges in the field of International Business. The case study is 19 page(s) long and it was first published on : Jun 19, 2019
At Fern Fort University, we recommend a strategic approach to US-China economic relations that prioritizes decoupling in critical sectors while fostering collaboration in areas of mutual benefit. This approach aims to mitigate risks associated with over-reliance on China while leveraging opportunities for innovation and growth through strategic partnerships.
2. Background
The case study explores the complex and evolving relationship between the US and China, two economic superpowers with intertwined interests and growing tensions. The US faces challenges related to China's rising economic power, unfair trade practices, intellectual property theft, and military ambitions. However, China remains a critical trading partner and a significant source of manufacturing and innovation. The case study presents a scenario where the US is considering various options for managing its economic relationship with China, ranging from complete decoupling to continued engagement.
The main protagonists are the US government, represented by the President and key advisors, and the US business community, represented by companies operating in various sectors, including manufacturing, technology, and finance.
3. Analysis of the Case Study
To analyze the case, we can utilize the Porter's Five Forces framework to understand the competitive landscape and the Diamond Model of National Competitive Advantage to assess the strengths and weaknesses of both countries.
Porter's Five Forces:
- Threat of New Entrants: The high barriers to entry in many sectors, particularly technology and manufacturing, limit the threat of new entrants. However, emerging markets and technological advancements could create new players.
- Bargaining Power of Buyers: The US has significant bargaining power as a large consumer market, but China's growing domestic consumption and alternative markets are reducing US leverage.
- Bargaining Power of Suppliers: China's dominance in certain supply chains gives it significant bargaining power, but the US is diversifying its sourcing and exploring alternative suppliers.
- Threat of Substitutes: Technological advancements and innovation are creating substitutes for many products and services, increasing competition and challenging established players.
- Competitive Rivalry: The US and China are engaged in intense competition across various sectors, driven by technological advancements, market share, and strategic interests.
Diamond Model of National Competitive Advantage:
- Factor Conditions: Both countries possess strong factor conditions, including skilled labor, capital, and infrastructure. However, China has a cost advantage in labor and manufacturing, while the US excels in innovation and technology.
- Demand Conditions: The US has a large and sophisticated domestic market, while China's growing middle class is driving demand for consumer goods and services.
- Related and Supporting Industries: Both countries have strong related and supporting industries, but China's focus on manufacturing and technology has created a more integrated ecosystem.
- Firm Strategy, Structure, and Rivalry: The US fosters a culture of innovation and entrepreneurship, while China prioritizes state-led industrial policies and strategic partnerships.
4. Recommendations
The US should adopt a strategic approach that balances decoupling in critical sectors with collaboration in areas of mutual benefit.
Decoupling:
- Critical sectors: The US should prioritize decoupling in sectors deemed essential for national security, including advanced technology, critical minerals, and defense manufacturing. This involves diversifying supply chains, investing in domestic production, and implementing stricter export controls.
- Strategic industries: The US should focus on developing domestic capabilities in key industries, such as semiconductors, pharmaceuticals, and renewable energy, to reduce dependence on China. This requires government support, investment incentives, and fostering innovation.
Collaboration:
- Areas of mutual benefit: The US should pursue collaboration with China in areas of shared interest, such as climate change, global health, and sustainable development. This involves joint research, technology sharing, and international cooperation.
- Strategic partnerships: The US should engage in strategic partnerships with China in specific sectors, such as clean energy, infrastructure development, and space exploration, where collaboration can benefit both countries.
5. Basis of Recommendations
These recommendations are grounded in the following considerations:
- Core competencies and consistency with mission: The US should leverage its strengths in innovation, technology, and financial markets while mitigating risks associated with over-reliance on China.
- External customers and internal clients: The US should prioritize the interests of its citizens and businesses while ensuring a stable and secure economic environment.
- Competitors: The US must remain competitive in a globalized economy, particularly against China's rising economic power.
- Attractiveness ' quantitative measures if applicable: The recommendations aim to create a more balanced and resilient economic relationship, reducing risks and promoting long-term growth.
6. Conclusion
The US-China economic relationship is complex and multifaceted, requiring a strategic approach that balances competition and cooperation. By prioritizing decoupling in critical sectors while fostering collaboration in areas of mutual benefit, the US can mitigate risks and leverage opportunities for long-term economic growth and national security.
7. Discussion
Alternative options, such as complete decoupling or continued engagement without safeguards, present significant risks. Decoupling could disrupt global supply chains, increase costs for consumers, and hinder innovation. Continued engagement without safeguards could exacerbate unfair trade practices, intellectual property theft, and strategic competition.
The recommendations are based on the assumption that the US can successfully diversify its supply chains, develop domestic capabilities in critical industries, and forge strategic partnerships with China in areas of mutual benefit. However, these efforts require significant investment, coordination, and political will.
8. Next Steps
To implement these recommendations, the US government should:
- Develop a comprehensive strategy: Define clear objectives, prioritize sectors for decoupling and collaboration, and allocate resources accordingly.
- Strengthen domestic capabilities: Invest in research and development, provide incentives for domestic production, and foster innovation in key industries.
- Enhance trade enforcement: Implement stricter export controls, address unfair trade practices, and protect intellectual property rights.
- Promote strategic partnerships: Identify areas for collaboration with China, negotiate mutually beneficial agreements, and foster joint ventures.
- Engage with the private sector: Encourage businesses to diversify their supply chains, invest in domestic production, and explore opportunities for collaboration with China.
By taking these steps, the US can navigate the complex economic landscape and ensure its long-term prosperity in a world increasingly shaped by the US-China relationship.
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Case Description
Since China's accession to the World Trade Organization in 2001, economic relations between China and the US have deepened. Along with closer ties, however, has also come greater political conflict. In this case, students will analyse the current Sino-US diplomatic relationship through two distinct lenses: 1) bilateral diplomatic relations; 2) economic theory. By understanding the complex political and economic factors underpinning the relationship, students will be called on to propose potential solutions to avoid further escalation.
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