Chinese President calls for boosting efforts in core technologies - report
Kevin Frayer
China's President Xi Jinping has called for hastening efforts to make breakthroughs in core technologies, Reuters reported citing state media.
Xi, while making a speech promoting the development of the Yangtze River economic belt, also reiterated the objective of modernizing the Asian country's supply chains, developing advanced manufacturing and strategic emerging industries, the report added.
The Chinese President's remarks come at a time when tensions with the U.S. are on the rise following planned technology curbs by the U.S. on the world's second-largest economy.
Xi noted that provinces and cities along the Yangtze River should take the responsibility for food, energy security and supply chain security. The areas must also deepen energy cooperation, encourage clean and efficient use of coal, focus on hydropower, and integrate traditional energy with new energy such as wind power, according to the report.
The Chinese President has been stressing the requirement for self-reliance in technology to curtail the use of foreign tech.
Earlier this week, a plan â released by ministries including the Ministry of Industry and Information Technology â showed that China intends to step up efforts to boost its computing power by more than a third in less than three years, aimed at benefiting local suppliers and strengthening technology self-reliance.
In August, U.S. President Joe Biden had signed an executive order to regulate certain U.S. investments in China in three areas â semiconductors and microelectronics, quantum information technologies, and artificial intelligence, or AI.
The U.S. issued final rules in September, which later saw China's international trade council formally requesting the U.S. to "carefully consider" the regulations. Earlier this month, it was reported that the U.S. is giving China an additional warning that it will update its rules on export controls for semiconductors and related equipment.
JD.com (NASDAQ:JD) is down ~7%, Bilibili (NASDAQ:BILI) and Baidu (NASDAQ:BIDU) both ~4%, and Alibaba (NYSE:BABA) ~2% on Thursday. The KraneShares CSI China Internet ETF (KWEB) and the Invesco Golden Dragon China ETF (PGJ) have dipped ~3%.

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