Asymmetric Competition: A Strategy for China & Technology: A conversation with Gary Rieschel
Alarmed that the U.S.’s vital technological advantage vis a vis China is diminishing an informal working group of 15 individuals was formed last summer to tackle “the most difficult questions regarding US competitiveness with China on technology”. The China Strategy Group (CSG) included Eric Schmidt, former CEO of Google and technical advisor to Alphabet, Jerad Cohen, CEO of Jigsaw and a former advisor to Condelezza Rice and Hillary Clinton, Liz Economy, China Scholar at the Council of Foreign Relations, and Seattle’s Gary Rieschel, the CEO of Qiming Ventures among others.
The authors wrote that “America’s technological leadership is fundamental to its security, prosperity, and democratic way of life. But this vital advantage is now at risk, with China surging to overtake the United States in critical areas”. One of their key points was that the nature of the competition is “asymmetric,” meaning “China plays by a different set of rules that allows it to benefit from corporate espionage, illiberal surveillance, and a blurry line between its public and private sector.”
The authors recommend a number of policies that could be implemented to maintain the U.S.’s leading position across a number of technologies. Their recommendations expand beyond pure technology and include suggestions on topics such as education and immigration.
Gary will share with us the story of how the group was formed, debated key topics, and came to its conclusions. He will take us through some of the key arguments of the paper and discuss the policy solutions which are needed to renew America’s competitiveness and sustain critical technical advantages.
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SPEAKER
Gary Rieschel is the Founding Managing Partner of Qiming Venture Partners, a firm he launched in Shanghai in 2006 and one that is regarded among the most successful venture capital firms in China. Qiming invests in technology and healthcare and has 70+ staff in China and the U.S. and has over $6B USD in assets under management.
Prior to founding Qiming, Mr. Rieschel was a senior executive at Intel, Sequent Computer, Cisco Systems, and Softbank Corporation. Gary started his VC career by creating Softbank’s U.S. venture group in 1996 (SBVC), and while at Softbank he invested in twelve companies which grew to over $1B USD in market capitalization and served on Softbank’s board of directors.
Mr. Rieschel is well regarded as a mentor to entrepreneurs and other venture capitalists. He serves as an advisor to numerous venture capital and private equity firms. He helped found the China Greentech Initiative and sponsored the Rocky Mountain Institute’s entry to China (Re-Inventing Fire – China). Gary actively supports the Asia Society, the Council on Foreign Relations, The Nature Conservancy, PERC (free market environmentalism), the Climate Leadership Council, the U.S. Olympic Foundation, and the Fudan University International Advisory Board. Gary serves as a Trustee of Reed College.
Mr. Rieschel attended Reed College (BA Biology ‘79) and Harvard Business School (MBA ‘84). Mr. Rieschel was based in Shanghai from 2005 through 2016, when he relocated to Seattle, WA to launch the Qiming U.S. operations.
MODERATOR
Michael Rawding is the Founding Partner of GeoFusion, a cross border advisory firm that helps US technology companies Understand, Land and Expand in Asia, with a focus on China and Japan.
Rawding has an extensive background in the Asia region, having served as the President of Microsoft Greater China, Microsoft Japan, and Microsoft Asia. He also led several worldwide business units while at Microsoft. In addition, he worked on a variety of cross border leadership assignments for US companies and Asian companies during his time at Spencer Stuart.
Rawding is currently an Executive Committee Member of the Board at the Washington State China Relations Council and is a member of the National Committee on US China Relations. He is also a Board Member of the Microsoft Alumni Network. He previously served on the Board of Governors at the Monterey Institute of International Studies and Town Hall Seattle.
Rawding is a graduate of Middlebury College, with dual degrees in Political Science and German.