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Experts Say China’s Focus on Core Technologies Will Boost Economic Recovery

BusinessExperts Say China's Focus on Core Technologies Will Boost Economic Recovery

China’s recent efforts to promote 6G, quantum communication, and other core technologies will help stabilize its key industrial chains and inject fresh impetus into its economic recovery, say industry experts. The announcement comes after news that China will accelerate steps to achieve breakthroughs in core technologies like 6G, optical communication, and quantum communication. Zhao Zhiguo, the spokesman for the Ministry of Industry and Information Technology, said that more efforts will be made to strengthen research and development in tech frontiers such as AI and blockchain, and measures are underway to tackle bottlenecks in areas like key components and systems.

According to Yang Cuihong, a professor of the global value chain and relocation at the University of Chinese Academy of Sciences, China’s efforts to make breakthroughs in core technologies will lay a foundation for stabilizing industrial chains in the long term. “Grasping core technologies at hand will help a country to lead an industrial chain. A country will never lose control of an industrial chain once it has technological innovations,” she said.

The white paper released by the China Academy of Information and Communications Technology, a government think tank, stated that China’s digital economy market scale reached $7.25 trillion last year, the second-largest globally. China’s 14th Five-Year Plan (2021-25) aims to boost the output of core industries of the nation’s digital economy to 10 percent of the country’s GDP by 2025, up from 7.8 percent in 2020.

Chen Duan, head of the Digital Economy Integration and Innovative Development Center based at the Central University of Finance and Economics, stated that “the country’s efforts in driving new digital infrastructure like 6G and AI not only stimulate current investment but also drive the upgrade of traditional industries and future consumption.” These efforts are also in line with China’s overall plan for building a digital China to drive Chinese-style modernization.

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