The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
Why China Is Now a Peer Competitor to the United States in Cyberspace
English Summary
The article argues that China has matured into a full peer competitor to the United States in cyberspace, demonstrating capabilities across sophistication, scale, stealth, and strategy. Evidence points to China's deep penetration of U.S. critical infrastructure and its ability to mobilize a whole-of-society approach, including controlling the private sector's vulnerability supply chain. For policy, the US must abandon the concept of 'cyber deterrence' and instead adopt a reinvigorated, multi-domain strategy that strengthens its own cyber defenses, revitalizes its institutions, and develops clear, cross-domain responses to Chinese malicious activity.
中文摘要
本文論述中國已在網路空間成熟為美國的完整對手，展現出在複雜性、規模、隱蔽性及戰略層面的多重能力。證據指出，中國已深入滲透美國的關鍵基礎設施，並具備動員全社會層面應對的能力，包括控制私營部門的脆弱供應鏈。從政策層面來看，美國必須放棄「網路威懾」的概念，轉而採用一套強化的、多領域戰略，該戰略應著重於加強自身網路防禦、活化制度機制，並制定明確的跨領域應對措施，以應對中國惡意活動。
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