Shanghai: President XI Jinping calls for increasing Chinese digital economic regulations and governance to guard the development of “unhealthy” because Beijing aims to encourage the contribution of this sector to the growth of the country.
In the essay in the publication of the Communist Party in power Qiushi on Saturday, XI called for a focus on the main fields including integrated circuits, display, communication equipment, and smart hardware.
China must “grow a number of companies with international competitiveness, and lead ecological companies with control over the industrial chain, to create a world-class digital industry cluster,” he said.
“We must see it compared to major and strong countries in the global digital economy, China’s digital economy is large but not strong, and fast but not superior.” XI also called for rules and standardization to plug in the gap of the regulatory and prevent “monopoly and irregular capital expansion” in the second largest economy in the world.
“In the course of rapid development, China’s digital economy has also shown some irregular and irregular trends that not only affect the development of a healthy digital economy, but violate laws and regulations and pose threats to national economic and financial security,” she says.
China must also improve its national security system, focusing on strengthening early warning systems, early prevention and controls to ensure the security of the main technology, industry and important facilities, strategic resources, and leading companies.
XI’s essay follows the plan issued by the Chinese Cabinet on Wednesday for the development of a digital economy, which aims to increase the national GDP sector by encouraging technology such as 6G and data centers.
The plan also highlighted the challenges including the lack of innovation capacity in the main fields and weak governments.