In the decades since China joined the world economy, U.S. presidents have traveled to Beijing with a predictable list of demands: stop stealing American intellectual property, don’t force technology transfer, open your markets. Donald Trump followed the script on his previous visit in 2017. Whether he does so again this week, it would be pointless. Those demands reflect a view of Chinese industrial policy (broadly, government support for favored sectors) that is woefully out of date.  Xi Jinping has elevated Chinese industrial policy into something the world has never seen. It targets almost every industry and region, demand as well…

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