fbpx

Type to search

Xi Plans China Technology Push as Tensions Rise With US

The pledge to intensify the search for core tech breakthroughs comes after last week’s US ban on AI chip exports to China


Hedge funds focused on Greater China have seen smaller inflows this year and some say investors are taking a wait and see approach currently.
Investors appear to be holding off on China bets, until the CCP's Congress is held next month to see if President Xi Jinping gets a third term in office, as expected, some analysts said, partly because of the rise in geopolitical tensions. Photo: Reuters.

 

China is to step up its drive for key technology breakthroughs, state media quoted President Xi Jinping as saying on Tuesday.

The pledge comes amid rising tensions with the US, which only last week banned the export of its AI chips to China.

Washington imposed the ban on chips designed by Nvidia Corp and Advanced Micro Devices (AMD), both of which are based in California.

China will now look to strengthen its state-led tech programme in a bid to catch up with its rivals, Xi was quoted as saying at a top-level meeting.

 

Also on AF: Indonesia’s Vale, China Firm Sign $2bn Nickel Plant Deal

 

“We should give full play to the significant advantages of our country’s socialist system that is able to concentrate its efforts on major affairs, strengthen the leadership of party and the state over major scientific and technological innovation,” Xi was quoted as saying.

China has unveiled a “new whole-nation system,” counting on China’s political system to pool national resources to support tech projects and break the foreign “stranglehold,” drawing on past successes in developing nuclear bombs in the 1960s.

Xi also pledged to improve the efficiency of the use of energy, water, grain, land, minerals, raw materials and other resources, and accelerate the transformation of the way resources are used, state media said.

 

  • Reuters with additional editing by Sean O’Meara

 

 

 

Read more:

Chips Banned by US in Big Demand from Chinese Researchers

Taiwan President Hails ‘Democracy Chips’ Tie-Up With US

US Orders Nvidia to Stop Sale of Advanced Chips to China

 

 

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.

logo

AF China Bond