Wells Fargo and Pfizer CEOs Warn U.S. May Lose Edge to China Amid Innovation Race

At CNBC’s “Invest in America” forum, Wells Fargo CEO Charlie Scharf and Pfizer CEO Albert Bourla warned that the U.S. risks falling behind China if it doesn’t double down on innovation.

Scharf said that while AI tools are boosting productivity — with coders seeing 20–40% performance gains — the nation must guard against policy uncertainty slowing progress. He expects regulatory changes, especially in capital and liquidity rules, to reshape how banks support innovation.

Bourla focused on biotech. He noted that China now contributes 30% of all global drug development, up from a small share a decade ago. He praised China’s speed, scale, and cost-efficiency, and argued that U.S. firms must match that pace.

Already, Pfizer has struck a deal with China’s 3SBio Inc, paying $1.25 billion upfront with potential earn-outs that could reach $4.8 billion. The move reflects how global biotech alliances are shifting.

Both CEOs emphasized that the U.S. shouldn’t aim to slow China, but instead boost its own competitiveness through stable regulation, investment certainty, and a strong appetite for risk.