In the heart of China's economic transformation, a shiny new engine is taking shape. The once-dominant property market, now in a prolonged slump, has sapped consumer confidence and put a damper on an economy already reeling from the effects of heavy industry and cheap manufacturing. But Beijing has a bold vision for a replacement: a high-tech, clean, lucrative, and sustainable economy. This is where new energy, semiconductors, biopharmaceuticals, and A.I. come into play — industries that are not only the world's major economies' Holy Grail but also the cornerstone of China's potential to overtake the United States as the world's largest economy and a formidable geopolitical force.