China Focuses on Building Its Own Core Tech as U.S. Curbs Supply
- Country can’t rely on buying from elsewhere, officials say
- Communist Party outlines new five-year development plan
The Communist Party’s Central Committee released initial details of the five-year plan Thursday, stressing the need for sustainable growth and also pledging to develop a robust domestic market.
Photographer: Qilai Shen/BloombergChina said it needs to build its own core technology because it can’t rely on buying it from elsewhere, as the Communist Party laid out plans for greater economic self-sufficiency.
Outlining details of its new five-year economic plan that elevates self-reliance in technology and innovation, senior party officials said Friday the nation would accelerate development of the kind of technology needed to spur the next stage of economic development. Key to that are bold measures to cut reliance on foreign know-how, although that doesn’t mean China will cut itself off from the world.