Xi also called for regulation and standardization to address regulatory loopholes in the world’s second-largest economy and prevent “monopolies and the disorderly expansion of capital”.
President Xi Jinping has called for better regulation and governance to guard against the “unhealthy” growth of China’s digital economy as Beijing aims to boost the sector’s contribution to the country’s development.
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In an essay in the ruling Communist Party publication QiXi on Saturday, Xi called for a focus on key areas, including integrated circuits, displays, communication equipment and intelligent hardware.
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China should “cultivate multiple enterprises with international competitiveness, and develop major ecological firms controlling industrial chains to form world-class digital industry clusters,” he said.
“We should see that compared to the large and powerful countries in the global digital economy, China’s digital economy is bigger but not stronger, and faster but not better.”
Xi also called for regulation and standardization to address regulatory loopholes in the world’s second-largest economy and prevent “monopolies and the disorderly expansion of capital”.
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“In the course of rapid development, China’s digital economy has also exhibited some unhealthy and irregular seeds and trends that not only affect the healthy development of the digital economy, but also violate laws and regulations and cause national economic and financial problems.” pose a security threat.” They said.
China should also reform its national security system, focusing on strengthening the early warning, prevention and control system of the digital economy to ensure the security of key technologies, critical industries and facilities, strategic resources and key enterprises .
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Xi’s essay follows a plan released Wednesday by China’s cabinet for the development of the digital economy, which aims to increase the sector’s share in national GDP by advancing technologies such as 6G and large data centers.
That plan also highlighted challenges including lack of innovation capacity and weak governance in key areas.
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