- InduQin
Chinese leaders focus on tech as they make 5-year plan
BEIJING (AP) — Chinese leaders met Monday to formulate an economic blueprint for the next five years that is expected to emphasize development of semiconductors and other technology at a time when Washington is cutting off access to U.S. technology.
President Xi Jinping’s government is working to promote self-sustaining growth supported by domestic consumer spending and technology development as tensions with trading partners hamper access to export markets and technology.
The ruling Communist Party wants Chinese industry to rely on domestic suppliers and consumers, a strategy it calls “dual circulation.” Economists warn that while this might help to reduce disruption of trade disputes with the United States and other partners, it will raise costs and hurt productivity.