China’s Liu He says foreign hostility spurring nation’s push for hi-tech independence
- Vice-Premier Liu He says China is pushing ahead with efforts to boost development of home-grown technology in the face of external pressure
- Beijing is also raising standards in the financial sector, including in banking, insurance, securities and asset management, Liu says
Foreign efforts to contain Chinese technology development have invigorated the country’s determination to tackle weak links in the economy and accelerate the shift towards innovation driven growth, Chinese Vice-Premier Liu He has said.
Liu, the top economic adviser to President Xi Jinping and the lead negotiator in trade war talks with the United States, did not name a foreign power his address to Beijing’s Financial Street Forum on Wednesday, but attributed disruptions in Chinese supply chains to the coronavirus pandemic and “other factors”.
“Now, the bad things are turning into good ones,” he said. “China’s business and technology communities are working hard to improve their capacity for innovation, trying to solve bottlenecks and promote industrial upgrades.”
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