CHINA-TECHNOLOGY: NEW US$ 1.4 TRILLION MASTER PLAN TO PROMOTE DOMESTIC TECHNOLOGY OVER 6 YEARS TILL 2025
|
Bloomberg (May 21) reported that a new masterplan backed by Chinese President Xi Jinping himself, China will invest an estimated $1.4 trillion over six years to 2025, calling on urban governments and private tech giants like Huawei Technologies Co. to lay 5G wireless networks, install cameras and sensors, and develop AI software that will underpin autonomous driving to automated factories and mass surveillance. The new infrastructure initiative is expected to promote mainly local giants like Alibaba and Huawei to SenseTime Group Ltd. at the expense of U.S. companies. As tech nationalism mounts, the investment drive will reduce China’s dependence on foreign technology, echoing objectives set forth previously in the Made in China 2025 program.
|