China on Friday vowed that the next decade would see development of high-tech industries on a massive scale in the country, a day after a key gathering concluded in Beijing.
Industries such as "quantum technology... hydrogen and nuclear fusion energy, (and) brain-computer interfaces... are poised to gain momentum,” development official Zheng Shanjie told reporters at a news conference.
"The new scale added in the next 10 years" would be enormous, he said.
China's leaders have vowed to reduce its reliance on foreign advanced technology and spur stronger domestic demand as it weathers “high winds” amid elevated trade tensions with the US.
An outline of the ruling Communist Party's blueprint for the next five years was laid out in a 5,000-word communique released Thursday after a four-day top level meeting in Beijing, just days ahead of planned talks between Chinese leader Xi Jinping and US President Donald Trump.
Five-year plans are a throwback to the days of Soviet-style central planning. China still relies heavily on them to map out policy priorities and decide on funding. Party “plenum” meetings like the one held this week also are used to rally the party rank-and-file around Xi's leadership.
Thursday's announcement signaled no major policy shifts. Despite mounting trade tensions, China intends to remain a global manufacturing power while sustaining strong economic growth at home.
China gains confidence in the trade war China is facing “profound” changes and growing uncertainties, said the communique released by state media.
Over the years, Chinese manufacturing has progressed from labor-intensive, low-cost production to higher-value products including electric vehicles, robotics and batteries. In coming years, the emphasis will be on advanced manufacturing, said Robin Xing, chief China economist at Morgan Stanley.
