The United States and China are heading in different directions when it comes to technology, the sector that will drive global growth over the next several decades. Last week's demands by US officials that China eliminate state support for its own high tech industry won't fly - Beijing has made it very clear that it will never disband its China 2025 plan, which aims to make the Middle Kingdom independent from American technology within the next few years.

Meanwhile, the US is ringfencing its own tech sector, vetoing Broadcom's bid for chipmaker Qualcomm, and slapping a seven-year trade ban on China's ZTE (Huawei may be next). The Treasury Department could put new restrictions on Chinese investment in place within the next two weeks.