Editorial | Xi answers trade war with hi-tech strategy to fuel development
Shanghai visit by President Xi Jinping leaves no doubt that way forward for China is via technological self-reliance and closer ties with Global South
President Xi Jinping’s visit to Shanghai on his first inspection tour since the United States escalated its trade war was highly significant.
The selection of the nation’s financial and industrial powerhouse as the first stop highlighted China’s core strengths in the face of external pressures, while Xi emphasised the importance of innovation and technological self-reliance.
This speaks volumes amid speculation, particularly in the West, about the trade war and its potential impact on growth, and whether China will adjust policy to refocus in the short term on traditional sectors such as construction and property. After all, they still employ a lot of people.
But Xi urged focus on technological self-reliance and closer ties with the Global South. During a visit to an industrial estate for artificial intelligence (AI) start-ups, he also highlighted China’s advancements in AI and urged more support for the rapidly evolving technology.
Shanghai is expected to lead the charge in the hi-tech sector. This doubles down on the policy of developing new productive forces, also on hi-tech and the transformation of China’s economy, and on tech self-reliance, particularly in AI, which will be a transformatory force for all economic outputs.
That is why Xi went to Shanghai – the most internationalised city on the mainland, with a huge talent pool.