Yesterday, Senator John Cornyn said that the United States and India relationship will grow as both countries are committed to the rule of law which gives confidence to business and investors, unlike China.
US Senator Mark Warner said that China follows the policy of authoritarian capitalism as it enables “ferocious domestic competition until the national champion arises” and then the champion is backed by the government in the world market.
Warner said, “I think what we have seen is that China has this model where they allow ferocious domestic competition until the national champion arises on Huawei. That national champion then gets 75 per cent of the Chinese domestic market, and that translates into 20 per cent of the global market. And then the Chinese government would back that national champion with, in the case of Huawei 100 billion dollars.”
Further he said, “It’s obvious that China is not going to stop to threaten freedom of navigation and international sea lanes and jeopardise trade the economy of countries like India and the world. Hence, we have to continue to support one another.”