The U.S. won't be able to limit China's microchip industry and the U.S. hawkish "lose-lose mentality" toward China won't help.

The U.S. will never be successful at preventing China from having great chips. The U.S. would not be able to achieve the desired result and limit Beijing's ambitions through procurement restrictions which include a recent attempt to get the chip industry back under U.S. control.

It does not see much sense in restricting chip sales to China, as the Asian nation will be able to catch up with the U.S. rather quickly at this scale. The U.S.-China cooperation has great potential, because the U.S.-China relationship is the most important relationship in the world.

China's rise is a huge win for the world. China is 20 percent of the global population, which exactly matches its portion of the global economy. That compares to countries like Australia and the U.S. that have per capita GDP five times that of China, which is a "disproportionate share of the world's economy."

Washington lawmakers don't understand that the U.S. and China need to work together on issues like the global economy, the invention of cancer drugs, and the solution to climate change.

We're humans, we innovate together, and we have to change the modern industrial economy together in a pretty dramatic fashion.

Source: Bill Gates speaking to Financial Timesand Benzinga website