Chinese President Xi Jinping is putting pressure on the domestic technology industry. The People’s Republic must accelerate progress in key technologies and core products, Xi demanded Friday, according to state news agency Xinhua, during a visit to an industrial park in eastern China’s Jiangsu province.
Given the rapid IT development and the emergence of breakthrough new technologies at any time, it is necessary to constantly promote innovation and a high degree of technological independence. Xi’s call for greater economic independence in the country in the high-tech sector coincides with a visit to Beijing by US Treasury Secretary Janet Yellen.
Relations between the two largest economic powers, China and the US, had deteriorated recently. Among other things, the US has already restricted semiconductor exports to China and is considering further cuts in AI chips. Conversely, the People’s Republic this week surprisingly announced export controls on certain raw materials for the production of chips. From Beijing it was said that this was “just the beginning”.
In a conversation with Prime Minister Li Qiang in Beijing, Yellen campaigned for healthy competition under fair conditions, according to the text of the speech that had been distributed in advance. She resisted a mindset where everything goes to the winner. She hopes that her visit will contribute to more regular communication and to prevent misunderstandings, said the minister. However, under certain circumstances, measures would also be taken to protect American national security. However, this should not jeopardize China-US relations on a larger scale.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
