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JavaScript strings aren't UTF-16. JavaScript is perfectly capable of supporting actual UTF-16 or supporting much more sensible UTF-8 strings. WTF-16 is not UTF-16 and doesn't belong in new languages / environments. JavaScript strings are arrays of 16-bit integers, not Unicode.
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I agree that JS does not have UF16 but rather WTF16, but that is not a big deal, since all FFI crossings and UTF16 -> UTF8 conversions within the engines are sanitized and unpairad surrogates are replaced by U+FFFD. The Wasm IT discusses now how this sanitization will take place
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UTF-8 uses at most 4 bytes for a code point, just like UTF-16. Emojis aren't in the BMP. UTF-16 needs the same amount of data to represent them. It takes 3 bytes for basic Chinese, Japanese and Korean characters rather than 2 but their markup is still 1 byte instead of 2.
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Data starts as UTF-8 and ends up as UTF-8. Main string operation is appending. UTF-8 is faster from being smaller in nearly every case. What are you doing with text beyond reading, writing, appending (including formatting) and displaying it? UTF-8 is faster in the real world.
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Treating UTF-16 as a fixed-size character encoding is broken. It's being widely done and is the source of massive Unicode compatibility issues. It causes substantial harm due to these problems. What exactly are you doing with strings where UTF-16 would be faster than UTF-8?