China’s Xi wants to diversify provide chains amid US curbs – world news

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Chinese President Xi Jinping called for setting up independent and controllable provide chains to verify industrial and national security, just as the U.S. moves to chop China off from key exports.

“We should strive to have a minimum of one alternative source for key products and provide channels, to create a essential industrial backup system,” Xi said in an April speech on the nation’s economic development that was once only published Saturday by the Qiushi Publication, a journal of the ruling Communist Party. The magazine didn’t say why it had waited to release the remarks.

Xi said the have an effect on of the coronavirus epidemic exposed hidden risks in China’s industrial and provide chains, without elaborating, thus necessitating “independent, controllable, protected, and dependable” chains.

Beijing final week outlined strategies for greater self-sufficiency as it unveiled its five-year economic plan after a plenum of top leaders and as tensions with the U.S. escalate. The U.S. has pressured allies to shun equipment from Huawei Technologies Co., barred dozens of China’s largest tech companies from buying American parts, and even slapped bans on ByteDance Ltd.’s TikTok and Tencent Holdings Ltd.’s WeChat.

Initial details of the five-year plan stressed the need for sustainable growth and also pledged to develop a robust domestic market. Officials didn’t specify the pace of growth they would seek over the period, but said the National Development and Reform Commission would work on guidelines to be submitted to country’s parliament in March.

Xi’s April speech called for strengthening China’s advantages, saying its strong position in international industrial chains could act as a deterrence for outside parties to bring to an end provide. He also known as for China to consolidate its role as a global leader in the digital economy, and actively participate in formulating international rules in digital currency and digital tax to create new competitive advantages.

Xi emphasized the role of state-owned enterprises — a sticking point in commerce negotiations with the U.S. — calling them “a very powerful pillar and reinforce for national rejuvenation and for the party to govern.” He said SOEs should be “stronger, better, and bigger,” but that they also needed reform, without specifying.

The speech also touched on expanding domestic demand, bettering urbanization strategies, optimizing technology resources, and prioritizing the surroundings and public health.

Top stories/ News / India

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