Tech competition between China, US not a 'zero-sum game'

The technological competition between China and the United States should not be seen as a zero-sum game, as both sides could benefit from each other's technological progress, said Hu Zuliu, founder and chairman of Primavera Capital Group.

Just as China has benefited from the invention of the internet in the US, so could the US benefit from China's development of 5G, added Hu, a former partner at Goldman Sachs.

Hu called for more foreign competition in the Chinese tech sector, as well as more openness to Chinese tech companies from other economies, to achieve common progress in technological innovation.

Hu made the remarks on Friday at the sidelines of the New Economy Forum, held in Beijing and organized by the China Center for International Economic Exchanges and Bloomberg.

China and the US have borne more and more costs of the protracted trade frictions, with pressure on both sides to come to a deal that could prevent more damage to the two economies, Hu added.

Hu hopes the two sides can reach a phase-one trade deal as early as possible, bringing more certainty to the global economy and laying the basis for a comprehensive trade deal.