China to Back High-End Manufacturing as US Ramps Up Pressure

The US restrictions aim to hobble China's domestic chipmaking industry. Photo: Reuters

China is set to boost support for its high-tech and advanced manufacturing industries as it comes under increasing pressure from the United States.

Premier Li Qiang was quoted as saying by state radio on Wednesday that Beijing will strengthen its policy guidance to the sector and look to create a more market-orientated environment for its businesses.

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The world’s second-biggest economy has been the target of numerous sanctions and trade restrictions by the United States, which has cited national security in looking to limit China’s access to semiconductors and artificial intelligence technology.

“As the situation at home and abroad undergoes complex and profound changes, the development of China’s manufacturing industry is facing an important juncture and the efforts to strengthen the industry must be increased,” Li said.

The country’s science and technology policies should aim to bolster self-reliance, according to a government report during an annual meeting of parliament this month.

Reuters with additional editing by Sean O’Meara

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Sean O'Meara

Sean O'Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.