Updated 1039 GMT (1839 HKT) October 30, 2020
Hong Kong (CNN Business) China wants to counter the United States by boosting its technological capabilities and becoming more self sufficient. That’s easier said than done.
Beijing outlined its goal for more economic independence this week as the Chinese Communist Party’s Central Committee put together its latest Five-Year Plan. The 14th iteration of the vast policy framework will cover 2021 to 2025, and is key to setting the country’s political and economic agenda.
The full scope of the plan might not be known for months, but a statement published Thursday said that China wants to focus on economic self-reliance and technological independence. Doing so would help insulate the country from US attempts to restrict its access to critical technologies.”[We will] nurture a strong domestic market and establish a new development pattern,” the statement said. “Domestic consumption will be a strategic focus.”