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Personally, I could care less if China surpasses the US in technology. They aren't developing new stuff, just using the stuff that's been invented already.
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This statement comes very close to the statements made about all the Japanese goods being sold in America during the 1960's. You cannot ignore an economic powerhouse, and that is exactly what China is becoming.
The U.S. remains a highly preferred location for a foreign student to come and get an advanced degree, but in the past, most of those students would invariably stay, become citizens and use their knowledge working for companies here. The trend these days is that a larger and larger percentage of these students are now choosing to go back to their homelands and develop their careers there. We do not have a monopoly on knowledge or innovation, and we need to be more mindful of that fact.