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China's 'gale of creative destruction'

Robot models in Harbin, China. Photo: VCG//Getty

There is a new threat from Beijing, which is increasingly buying or reverse-engineering big tech breakthroughs and transforming them into cheap, commodity products, according to a Harvard professor.

Why it matters: Speaking at a conference in Dallas, Willy Shih, an economist at Harvard Business School, forecast "a gale of creative destruction," in which "whole [American] industries will be transformed, or may disappear."