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Both of you contended benefits

from investments in infrastructure

and basic research are really important,

yet we're really not making the pace we should.

And can they question really whether this era

of American exceptionalism is coming to end,

particularly as we see our lead in technology perhaps erode?

Nation-state competition is not zero-sum competition.

That is, the fact the US was so far ahead,

that's not good for the world.

If everybody could have had our levels

of science and health, that would be a fantastic thing.

It's OK for China to invent cancer drugs

that cure patients in the United States.

So, the fact that 5% of the world's population

or 30% of the economic activity,

60% of the scientific R and D,

it wasn't natural that that would continue

to be the case.

So, we want them to catch up.

Now, we want to, as the leader, keep setting

a very, very high standard.

We don't want them to catch up

because we're slowing down or even worse,

going into reverse.

We should never want to hold anybody else back.

Then, we should be trying to build a future

of shared success and shared responsibility.

So, what I think we need to do in America

is to stop majoring in the minors.

That is, we need to look more at

what other countries are now doing better than we are.

And instead of being in denial about it,

learn from it.

Well, we have laboratories of innovation

all over the world.

Laboratories of the future all over the world.

What are the Chinese really good at?

Answer, aggregating capital and investing

in technology and infrastructure.

What are the Indians really good at?

They're good at technology and entrepreneurialism,

but not good at aggregating capital.

Is there some way we can help each to the other.

The Chinese, what's their weakness?

They tend to see big engineering solutions

for every problem.

In trying to run water from the Yangtze River

down to the Yellow River, they may dry them both up.

They need to be working on these things together.

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