The telecommunications industry goes from a massive bubble in year 2000 to an extreme cost focus just one or two years later. Sending tens of thousands of engineers into unemployment and cutting research and development to the bone.
Talk to anyone who had a job in the sector back then, they will you this.
All those engineers eventualy were reemployed in other industries such as software and that helped creating the boom that came there. But it also created an opening for the Chinese electronics industry to move into that area as they were cheap and willing to invest unlike us in the west.
They were willing to invest where we were no longer willing.
You can say that it is state capitalism and not free competition. But let there be no doubt; had there been free competition now and not a massive boycot led by the US government against Huawei, then Huawei would have been absolutely dominant.
Talk to anyone who had a job in the sector back then, they will you this.
All those engineers eventualy were reemployed in other industries such as software and that helped creating the boom that came there. But it also created an opening for the Chinese electronics industry to move into that area as they were cheap and willing to invest unlike us in the west.