Chinese President Xi Jinpingin his Sunday sermon, which interpreted the Communist PartyThe country’s agenda for the next five years has struck an upbeat note on technological development and stressed the need to focus on winning battles in important core technologies.
“We will focus on national strategic needs, gather strength to carry out domestic and leading-edge scientific and technological research, and resolutely win the battle in key technologies,” Xi said. according to to Bloomberg.
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Why it matters: This is important considering China’s crackdown on its tech industry has wiped out more than $1 trillion in combined market value. Shares of large technology companies such as alibaba group holding ltd BABA and Tencent Holdings Ltd TCEHY have fallen over 35% since the beginning of this year. Other companies like Nio Inc NEVER, LiAuto Inc LI and Xpeng Inc XPEVhave also fallen by over 40% over the same period.
economic growth: Xi has also stressed the need for development, saying solid material and a technological foundation are the key to building a socialist modern country.
“Quality development in all aspects is the top priority in building a socialist modern country. Development is the party’s top priority in governing. It is impossible to build a socialist modern strong country in all aspects without a solid material and technological foundation,” Xi said, according to Bloomberg.
The report added that certain Chinese observers expected Xi to give equal weight to security and development. However, by sticking to previous language, the Chinese president’s speech indicated there is no real deviation from economic targets, it said.
Continue reading: Alibaba and Nio stocks fall: Recession worries, volatile Wall Street keep Hong Kong stocks down
