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Speaker 1: Let's get to our next guest in Capital founding partner

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Speaker 1: Jennifer Zoo Scott joins me here on the set of

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Speaker 1: the third and final day of the Bloomberg New Economy Forum.

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Speaker 1: Great to have you with us, Jennifer. I think a

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Speaker 1: lot of people have been sensing a little bit of

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Speaker 1: your fourier, at least at the beginning of the week

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Speaker 1: that we saw Presidents Biden and She finally talk. We

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Speaker 1: know that the US China tech tensions have really been

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Speaker 1: weighing on the overall investment picture. How much did the

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Speaker 1: two superpowers really need to collaborate here? Thank you for

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Speaker 1: having me, Julie agreed to be here. It's a great question,

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Speaker 1: we are. The timing of the Broomberg's New Economy Conference

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Speaker 1: this year hasn't been better. Timing, um, with the framework

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Speaker 1: that President She and Biden have laid out, really provided

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Speaker 1: a lot of substantial policies and business discussions to fitting

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Speaker 1: to this new framework that's more collaborative, seeking to coexist

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Speaker 1: and while embracing shadows differences. So I think this year Um,

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Speaker 1: of course, there are some hard areas not as such

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Speaker 1: as you know, cheap act um. In terms of some

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Speaker 1: trade issues, UM, the climate on Russia on a lot

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Speaker 1: of those issues. Actually, I think now it's on a

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Speaker 1: much more collaborative tongue, which is very good news. However,

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Speaker 1: as um uh Kissinger mentioned in the first day, UM

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Speaker 1: with the framework is very important. The possibility of the

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Speaker 1: bridge has been laid out. But if there's no substance

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Speaker 1: following this framework, we will still get back to background

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Speaker 1: zero one. And it does sort of seem like tech

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Speaker 1: decuple of decoupling, excuse me, is accelerating. What does that

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Speaker 1: mean when you look at the overall tech picture in

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Speaker 1: terms of investibility. I think, unfortunately, we might see this

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Speaker 1: kind of tech decoupling for a very long time because

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Speaker 1: the if if US continue to detern you know, defined

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Speaker 1: its interest as maintain the dominance forever UH out China

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Speaker 1: at the same time, with the largest the market, with

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Speaker 1: a ton of capital, and also with you know, a

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Speaker 1: few times more of engineering students graduating every year, it's

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Speaker 1: impossible to just contain China to stop UM developing and innovating. UM.

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Speaker 1: For example, with the chip industry, China didn't really have

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Speaker 1: a semiconductor industry properly, you know, started UM only a

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Speaker 1: couple of years ago, and UM. I talked to some

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Speaker 1: of the investors and founders in China UM. Some of

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Speaker 1: them joke that the founder of China semiconductor industry is

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Speaker 1: actually Trump. So so so, I do think this kind

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Speaker 1: of a decoupling will continue and it will become more

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Speaker 1: competition vocalization of the two countries. Vocalization both in terms

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Speaker 1: of UM technology, logical vocalization, but also operating. What we

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Speaker 1: see companies like TikTok as very separate strategy for China

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Speaker 1: and also outside of China for investment. Of of course,

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Speaker 1: a lot of funds that started looking into a very

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Speaker 1: separate strategy how to bypass or how to navigate this

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Speaker 1: kind of capital from this side of the Pound Pacific

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Speaker 1: to go into some of the tech company that side

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Speaker 1: UM and vice versa. However, I think it's not going

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Speaker 1: to stop the activities. It's just making the world much

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Speaker 1: more UM complex and less interrogable. Well interesting, you bring

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Speaker 1: up TikTok because we look at user data and the like.

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Speaker 1: I mean, we talk about good and bad tech. Where

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Speaker 1: do you see the line being drawn? There is? Is

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Speaker 1: there an example they can co exist together? I mean,

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Speaker 1: there's also the connectivity of the world via a lot

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Speaker 1: of these apps that particularly younger people are using. Great question.

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Speaker 1: I think it's we have to we have to look

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Speaker 1: at this good back tech in the kind of global

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Speaker 1: lens and then China lens. Um there are some common ground,

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Speaker 1: by the way, so there are some differences. So globally,

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Speaker 1: I do think we have come to the inflection point

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Speaker 1: the world realized this digital economy at one point. Oh,

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Speaker 1: with a large meat social media companies not only just

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Speaker 1: bring tremendous um negative impact to youth you know, mental

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Speaker 1: health and also you know, make the world much more polarized. Um.

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Speaker 1: And on the board of Web Science Trust, which was

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Speaker 1: funded by Tim berners Lee himself, um really you know,

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Speaker 1: gather all those academics too. Every year we we think

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Speaker 1: about what is the function of Internet and how Internet

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Speaker 1: should develop a going future and reflecting back in the

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Speaker 1: in the nineties that when Internet was first invented, was

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Speaker 1: intended to be um, you know, transcending the you know,

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Speaker 1: national borders and international and democratized information. But looking where

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Speaker 1: we are today and um, so I do think the

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Speaker 1: globally it doesn't matter in the Europe that the response

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Speaker 1: mostly come from regulation. In US, the response usually come

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Speaker 1: from antitrust and China, it's a very different response altogether. Um.

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Speaker 1: You know, often the world interpreted China's reaction to big

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Speaker 1: tech as the cracking down tech, but the good tech

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Speaker 1: back tech um contexts in China is a little bit

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Speaker 1: different compared to this global lens which is in China. UM.

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Speaker 1: I think the government does not regard those companies that

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Speaker 1: basically gather hundreds of millions of people with the smartphone

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Speaker 1: and provide this kind of digitalized daily activity as innovation anymore.

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Speaker 1: Especially a lot of those companies have problems with molopoly

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Speaker 1: or duopoli or um, you know, potentially providing systema systematic

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Speaker 1: um risk in financial market because they buy they intend

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Speaker 1: to bypass some of the regulation. Um. The innovation that

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Speaker 1: the good tech in China in China is just speaking

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Speaker 1: from Chinese government's lens. Um, the good tax are the

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Speaker 1: deep tech. So they are actually very well defined. Eight

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Speaker 1: areas such as quantum computing as that where you're investing

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Speaker 1: because we're running out of time, but I do want

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Speaker 1: to get an idea of where in capital is investing. Yes,

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Speaker 1: we very much focus on deep tech and the first

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Speaker 1: three vertical we focused on climate tech using AI blotching

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Speaker 1: a lot of those technologies, but also uh we focus

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Speaker 1: on AI as well, and right now those two, these

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Speaker 1: two verticals, we're spending a lot of time to figure

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Speaker 1: out the nuances of the industry and also the nuances

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Speaker 1: of all this new regulatory geopolitical environment. We're also investing

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Speaker 1: webs free, but mostly on quantit trading without touching, you know, crypto.

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Speaker 1: I think crypto itself probably is that for some years

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Speaker 1: to come, all right, and obviously needs a lot more

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Speaker 1: regulation considering what we've seen recently as well. Thank you

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Speaker 1: so much for your time, Jennifers us it's got the

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Speaker 1: in Capital founding partner with me here on the third

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Speaker 1: and final day of the Bloomberg New Economy Forum, live

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Speaker 1: from Singapore,