China Vows To Build Modern Industries

Mainland officials pledged on Friday to build a modern industrial system and achieve key tech breakthroughs, in a bid to win “international competition” and “strategic initiative”.

State media quoted the Central Financial and Economic Affairs Commission as saying that China will prioritise the real economy, improve its industrial policies, and build world-class enterprises.

China will step up its drive to achieve core tech breakthroughs and "grasp the wave of new technological revolutions such as artificial intelligence", state media quoted the commission as saying following a meeting chaired by President Xi Jinping.

"Accelerating the construction of a modern industrial system supported by the real economy is crucial for us to win strategic initiative in future development and international competition," state media said.

Washington has moved to ban exports of some advanced chips to the mainland, escalating tensions between the world's two largest economies.

China will promote the transformation and upgrading of traditional industries and will not simply exit from low-end industries, according to state media.

Efforts will also be made to improve the overall quality of life, state media said, adding that the mainland will establish a sound birth support policy system and vigorously develop a universal childcare service system. (Reuters)