Gavin Newsom: “President Xi has put on a masterclass in China on strategic…”

“What companies do they want to take a stake in and what, how would they then argue those profits or that company must act to stay in the good goodwill of that administration? Well, it's all is pretty familiar. I mean President Xi has put on a masterclass in China on strategic industries and making sure that there was national ownership and oversight. I mean this is right out of his playbook. And you can invest in incumbents and not ecosystem and startups.” (51:07–51:17)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.