Chinese President Xi Jinping has promised to increase his country’s production capacity and make it less dependent on foreign markets. This was reported by the Chinese People’s Daily, the official spokesman of the Chinese Communist Party.
Xi told the annual meeting of the People’s Congress on Sunday that China should be able to take care of itself. “I have always said that there are two main issues for China: one is to secure our food and the other is to build a strong manufacturing sector. As a big country of 1.4 billion people, we have to rely on ourselves. do not depend on international markets to save us”.
Trade Restrictions
China’s tech ambitions are being held back by a series of trade restrictions from the United States and other Western allies. As a result, Beijing is trying to build a self-sustaining industry and make sectors considered essential to national security, such as semiconductors and artificial intelligence, less dependent on importing technologies from abroad.
Washington has further tightened trade sanctions against Chinese chip makers in recent months. Americans are concerned for their own national security, as advanced Western technologies could be used by the Chinese military.
Increase the defense budget
Outgoing Chinese premier Li Keqiang then opened the People’s Congress on Sunday by announcing an increase in the defense budget. The prime minister also issued a modest economic growth target for 2023. The growth target of around 5% for this year is disappointing as China struggles with the question of how to counter the recent shift in global supply chains to countries like India and Vietnam.
Source: BNR
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