ITIF, a US-based nonprofit, nonpartisan research and educational institute, was founded in 2006. A major area of concern for ITIF is ‘America’s competitive position in advanced technologies and industries that constitute the most strategically important sectors of the economy.’ To undertake focused research in this area, the Institute created the Hamilton Center of Industrial Strategy. One of the main mandates of this Center is to research and advocate appropriate strategies to policymakers to keep America the numero uno in emerging technologies and overcome the challenge posed by China. This Center has been publishing an index called the Hamilton Index of Advanced-Technology Performance, to track global shares of value-added output in 10 advanced industry sectors across 40 countries. These industries include Pharmaceuticals; Fabricated Metals, Basic Metals, Electrical Equipment; Machinery and Equipment; Motor Vehicles, Other Transportation; Computer and Electronics, Information Technology and Information Services; and Chemicals (excluding pharmaceuticals)
The 2000 data used for index computation is given below
| Industry | Global Output Billions | Leading producer | Leader’s share |
| IT and Information Services | $1,900 | USA | 36.40% |
| Computers and Electronics | $1,317 | China | 26.80% |
| Chemicals | $1,146 | China | 29.10% |
| Machinery and Equipment | $1,135 | China | 32.00% |
| Motor Vehicles | $1,093 | China | 24.30% |
| Basic Metals | $976 | China | 45.60% |
| Fabricated Metals | $846 | China | 25.60% |
| Pharmaceuticals | $696 | USA | 28.40% |
| Electrical Equipment | $602 | China | 36.10% |
| Other Transportation | $386 | USA | 34.50% |
| Total | 10.1 trillion |
It is evident that China is a potential challenger to US supremacy in technology and, consequently, military dominance worldwide. When US technology companies like Apple rushed to China to take advantage of cheap labor, no one could have imagined that China was working on technology assimilation by unbundling the underlying technology stacks, chip by chip. It is now too late for the US President to force Apple to invest $500 billion in the USA. Apple has already been disrobed
The top ten countries accounted for 75% of the total global production, valued at $10.1 trillion. China’s share was around 25% of the global output of these technology-intensive industries, slightly more than the combined share of the rest of the world outside the top ten producers. Although India had a larger workforce, its advanced industry produced only 13% of China’s output.
The ITIF is betting that China will not achieve the level of innovation capability that the USA and its allies have reached since the end of World War II. However, this hope could be a mirage that may never lead to an oasis. Finally, what about India? This will be a story that will end with:
This will be a story that will end with:
a walking shadow, a poor player,
That struts and frets his hour upon the stage,
And then is heard no more. It is a tale
full of sound and fury,
Signifying nothing. (with apology to Macbeth).