According to a report, <a href="https://www.wionews.com/south-asia/now-pakistan-digs-up-680-million-scam-linked-to-chinas-cpec-299995">China</a> is set to unveil $1.4 trillion tech investment&nbsp;as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025"&nbsp;program.

<a href="https://www.wionews.com/south-asia/chinese-president-xi-jinping-offers-to-send-experts-team-to-bangladesh-to-fight-covid-19-300163">Also Read:&nbsp;President Xi Jinping offers to send experts team to Bangladesh to fight COVID-19</a>

The plan reportedly involves Artificial Intelligence(AI) as the heart of the technological push which would be backed by the government till 2025.

The report says China's Huawei and Alibaba would be spearheading the effort including the SenseTime Group, an artificial intelligence company. Tencent will also reportedly be part of the mammoth tech endeavor with AI and the Internet of Things(IoT) as the backbone of the network.

The US government is at loggerheads with Huawei's 5G network accusing it of spying for the Chinese government, an allegation the company has vehemently denied.

China's new tech initiative in the global tech race is being seen as a way to surpass the United States and become the&nbsp;dominant technological power in the planet.

Experts also view the technological drive by the Xi regime as a tool to boost the country's economic growth which has taken a major hit due to the coronavirus epidemic. The tech&nbsp;"stimulus" package is meant to further grow the Chinese economy which has seen unemployment rise due to the virus.

The plan which has the complete backing of President Xi is set to be given the go ahead during the National People’s Congress which starts on Friday. It will be held thorough a video link due to the virus.

According to a report, China is set to unveil $1.4 trillion tech investment as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025" program.

According to a report, China is set to unveil $1.4 trillion tech investment as part of a fiscal package in order to reduce dependence on foreign technology touted as President Xi's signature deal to push the country's "Made in China 2025" program. Also Read: President Xi Jinping offers to send experts team to Bangladesh to fight COVID-19 The plan reportedly involves Artificial Intelligence(AI) as the heart of the technological push which would be backed by the government till 2025. The report says China's Huawei and Alibaba would be spearheading the effort including the SenseTime Group, an artificial intelligence company. Tencent will also reportedly be part of the mammoth tech endeavor with AI and the Internet of Things(IoT) as the backbone of the network. The US government is at loggerheads with Huawei's 5G network accusing it of spying for the Chinese government, an allegation the company has vehemently denied. China's new tech initiative in the global tech race is being seen as a way to surpass the United States and become the dominant technological power in the planet. Experts also view the technological drive by the Xi regime as a tool to boost the country's economic growth which has taken a major hit due to the coronavirus epidemic. The tech "stimulus" package is meant to further grow the Chinese economy which has seen unemployment rise due to the virus. The plan which has the complete backing of President Xi is set to be given the go ahead during the National People’s Congress which starts on Friday. It will be held thorough a video link due to the virus.

China set to unveil $1.4 trillion domestic tech investment: Report

China confirmed on Monday that its first domestically-built aircraft carrier had sailed through the <a href="https://www.wionews.com/world/taiwan-says-china-is-an-authoritarian-threat-in-the-pacific-254245">Taiwan Strait for "routine"</a> training and tests.

"It is not aimed at any specific target and has nothing to do with the current situation," navy spokesman Cheng Dewei said in the official social media account, AFP reported.

The Chinese Navy added,&nbsp;"the organization of the trials and drills of the domestic aircraft carrier through the region is a normal arrangement in the construction process of the aircraft carrier."

China's first domestically manufactured aircraft carrier is only known only as "Type 001A" to the outside world.&nbsp;

China's official Xinhua media had reported on Sunday that aircraft carrier was involved in "scientific research" and that "the passage was not directed at any target."

The move followed even as <a href="https://www.wionews.com/world/amid-controversies-facebook-steps-up-monitoring-content-for-taiwan-elections-260167">Taiwan's election campaign</a> moved into&nbsp;full gear on Sunday with foreign minister&nbsp;Joseph Wu declaring that the country wouldn't be intimidated.

Wu tweeted saying: "Voters won't be intimidated! They'll say NO to China at the ballot box."&nbsp;

Taiwan's defence ministry said the aircraft carrier was trailed by US and Japanese ships, adding that ships and aircraft were scrambled to "monitor" and "ensure national security and safeguarding of regional peace and stability".

However, Reuters quoting &nbsp;Japan Self Defence Forces spokesman saying that he had no information about the movement of the Chinese carrier or any Japanese ships nearby.

US defence secretary Mark Esper who was in Thailand over the weekend said: "Beijing is increasingly resorting to coercion and intimidation to advance its strategic objectives, at the expense of other nations."

China considers Taiwan to be a renegade province and has ratcheted up pressure in recent years in the Taiwan Straits by sailing its naval ships, a move often criticised by the Trump administration.

Taiwan's Democratic Progressive Party Tsai named William Lai, as her vice-president candidate for the polls.

Accepting Tsai's nomination, Lai said: "In the face of a China which is closing in at every stage and warning signs from Hong Kong, what can the Democratic Progressive Party in next year's critical election battle give the people of Taiwan? Isn't our most important mission to unite and defend Taiwan?".

"I have decided to accept President Tsai's invitation, to be her deputy, to team up to fight the election, and at this darkest time to unite and defend Taiwan, to continue to show the ray of light of democracy, show the way for Hong Kong and illuminate the world," he added.

China confirmed on Monday that its first domestically-built aircraft carrier had sailed through the Taiwan Strait for "routine" training and tests. "It is not aimed at any specific target and has nothing to do with the current situation," navy spokesman Cheng Dewei said in the official social media account, AFP reported.

China confirmed on Monday that its first domestically-built aircraft carrier had sailed through the Taiwan Strait for "routine" training and tests. "It is not aimed at any specific target and has nothing to do with the current situation," navy spokesman Cheng Dewei said in the official social media account, AFP reported. The Chinese Navy added, "the organization of the trials and drills of the domestic aircraft carrier through the region is a normal arrangement in the construction process of the aircraft carrier." China's first domestically manufactured aircraft carrier is only known only as "Type 001A" to the outside world. China's official Xinhua media had reported on Sunday that aircraft carrier was involved in "scientific research" and that "the passage was not directed at any target." The move followed even as Taiwan's election campaign moved into full gear on Sunday with foreign minister Joseph Wu declaring that the country wouldn't be intimidated. Wu tweeted saying: "Voters won't be intimidated! They'll say NO to China at the ballot box." Taiwan's defence ministry said the aircraft carrier was trailed by US and Japanese ships, adding that ships and aircraft were scrambled to "monitor" and "ensure national security and safeguarding of regional peace and stability". However, Reuters quoting Japan Self Defence Forces spokesman saying that he had no information about the movement of the Chinese carrier or any Japanese ships nearby. US defence secretary Mark Esper who was in Thailand over the weekend said: "Beijing is increasingly resorting to coercion and intimidation to advance its strategic objectives, at the expense of other nations." China considers Taiwan to be a renegade province and has ratcheted up pressure in recent years in the Taiwan Straits by sailing its naval ships, a move often criticised by the Trump administration. Taiwan's Democratic Progressive Party Tsai named William Lai, as her vice-president candidate for the polls. Accepting Tsai's nomination, Lai said: "In the face of a China which is closing in at every stage and warning signs from Hong Kong, what can the Democratic Progressive Party in next year's critical election battle give the people of Taiwan? Isn't our most important mission to unite and defend Taiwan?". "I have decided to accept President Tsai's invitation, to be her deputy, to team up to fight the election, and at this darkest time to unite and defend Taiwan, to continue to show the ray of light of democracy, show the way for Hong Kong and illuminate the world," he added.

China confirms first domestically-built aircraft carrier sailed through Taiwan Strait

The United States on Monday formally accused <a href="https://www.wionews.com/world/trump-defends-stance-on-china-trade-after-new-tariffs-says-things-are-going-well-240486">China of manipulating </a>its currency, marking the second major escalation in the two countries' spiralling trade war in just 24 hours.

Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade -&nbsp;provoking US President Donald Trump's ire and <a href="https://www.wionews.com/south-asia/pakistan-looses-3-key-positions-in-world-trade-organisation-240613">sending global equities</a> markets diving into the red.

Wall Street on Monday posted its worst one-day losses of 2019 as hope of any near-term resolution to the year-long trade war between the world's top two economies appeared to slide out of view.

In a Twitter outburst earlier in the day, Trump had angrily accused Beijing of weakening the yuan "to steal our businesses and factories."

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China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/1158407373666566145?ref_src=twsrc%5Etfw">August 5, 2019</a></blockquote>
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US Treasury Secretary Steven Mnuchin, "under the auspices of President Trump, has today determined that China is a<a href="https://www.wionews.com/business-economy/chinese-yuan-falls-to-weakest-level-against-the-dollar-since-2010-240743"> currency manipulator</a>," the Treasury Department said in a statement late Monday.

As a result, Mnuchin will engage the International Monetary Fund "to eliminate the unfair competitive advantage created by China's latest actions," the statement said.

The new designation is largely symbolic, since it calls for consultations with countries found to be manipulating their currencies.

But it could gain teeth if the Commerce Department begins imposing tariffs on countries found to be undervaluing their currencies, as that department said earlier this year it plans to do.

The volley lobbed across the Pacific on Monday was sure to shake the global economy even further, with markets doubtful that either side is willing or able to prevent hostilities from spinning out of control.

Chinese state media also announced Monday that Beijing had suspended purchases of American farm exports, piling pain on US agricultural states already battered by Beijing's retaliation in the trade war.

The yuan's weakening came just days after Trump announced plans to raise tariffs on another $300 billion in Chinese imports starting September 1, accusing Beijing of failing to live up to commitments in trade negotiations.

That would mean virtually all of the roughly $660 billion in goods exchanged annually between China and the United States are subject to trade barriers.

The battle has sapped business confidence and undermined both countries' manufacturing sectors just as the world economy's slowdown worsens.

Activity in the US service sector hit a three-year low last month, survey data showed Monday, confirming a step-down in US economic growth.

Trump's move was also sudden: On the campaign trail, he had loudly pledged to designate China a currency manipulator but his administration had until Monday refrained from doing so.

The Treasury Department had instead kept China on a "monitoring list" of countries subject to close scrutiny due to their currency practices, including in its most recent report released in May.&nbsp;

The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect market trends and control volatility.

"It appears that the tariffs hike suggests the return of tit-for-tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News.

In a statement on Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China."

The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short-term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations."

It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate basically stable at a reasonable and balanced level."

Julian Evans-Pritchard, senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war.

"Given that their goal is presumably to offset some of the impact from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiralling trade war in just 24 hours.

The United States on Monday formally accused China of manipulating its currency, marking the second major escalation in the two countries' spiralling trade war in just 24 hours. Washington's sudden move came the day China allowed the yuan to fall below 7 to the dollar for the first time in about a decade - provoking US President Donald Trump's ire and sending global equities markets diving into the red. Wall Street on Monday posted its worst one-day losses of 2019 as hope of any near-term resolution to the year-long trade war between the world's top two economies appeared to slide out of view. In a Twitter outburst earlier in the day, Trump had angrily accused Beijing of weakening the yuan "to steal our businesses and factories." China is intent on continuing to receive the hundreds of Billions of Dollars they have been taking from the U.S. with unfair trade practices and currency manipulation. So one-sided, it should have been stopped many years ago! — Donald J. Trump (@realDonaldTrump) August 5, 2019 × US Treasury Secretary Steven Mnuchin, "under the auspices of President Trump, has today determined that China is a currency manipulator," the Treasury Department said in a statement late Monday. As a result, Mnuchin will engage the International Monetary Fund "to eliminate the unfair competitive advantage created by China's latest actions," the statement said. The new designation is largely symbolic, since it calls for consultations with countries found to be manipulating their currencies. But it could gain teeth if the Commerce Department begins imposing tariffs on countries found to be undervaluing their currencies, as that department said earlier this year it plans to do. The volley lobbed across the Pacific on Monday was sure to shake the global economy even further, with markets doubtful that either side is willing or able to prevent hostilities from spinning out of control. Chinese state media also announced Monday that Beijing had suspended purchases of American farm exports, piling pain on US agricultural states already battered by Beijing's retaliation in the trade war. The yuan's weakening came just days after Trump announced plans to raise tariffs on another $300 billion in Chinese imports starting September 1, accusing Beijing of failing to live up to commitments in trade negotiations. That would mean virtually all of the roughly $660 billion in goods exchanged annually between China and the United States are subject to trade barriers. The battle has sapped business confidence and undermined both countries' manufacturing sectors just as the world economy's slowdown worsens. Activity in the US service sector hit a three-year low last month, survey data showed Monday, confirming a step-down in US economic growth. Trump's move was also sudden: On the campaign trail, he had loudly pledged to designate China a currency manipulator but his administration had until Monday refrained from doing so. The Treasury Department had instead kept China on a "monitoring list" of countries subject to close scrutiny due to their currency practices, including in its most recent report released in May. The yuan is not freely convertible and the government limits its movement against the US dollar to a two per cent range on either side of a central parity rate which the People's Bank of China (PBOC) sets each day to reflect market trends and control volatility. "It appears that the tariffs hike suggests the return of tit-for-tat moves and a suspension of trade talks, and the PBOC sees no need to keep the yuan stable in the near term," Ken Cheung, a senior currency strategist at Mizuho Bank, told Bloomberg News. In a statement on Monday morning, the PBOC said the exchange rate against the US dollar had been "affected by unilateralism and trade protectionism measures and the imposition of tariff increases on China." The central bank said the yuan remained "stable and strong against the basket of currencies" and said it would "resolutely crack down on short-term speculation and maintain stable operation of the foreign exchange market and stabilize market expectations." It went on to say that it had the "experience, confidence and ability to keep the RMB exchange rate basically stable at a reasonable and balanced level." Julian Evans-Pritchard, senior China economist with Capital Economics, said the PBOC has "effectively weaponized the exchange rate" by linking the currency with the US trade war. "Given that their goal is presumably to offset some of the impact from additional US tariffs, they are likely to allow the currency to weaken further, probably by 5-10 per cent over the coming quarters," said Evans-Pritchard.

US designates China a currency manipulator as yuan hits record low

China said Thursday that it had begun purchasing more <a href="https://www.wionews.com/world/no-sense-for-us-to-exercise-maximum-pressure-says-china-as-trade-meeting-ends-239682">US farm goods as the two</a> economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week.

Chinese enterprises had approached US suppliers to discuss purchasing a variety of <a href="https://www.wionews.com/world/us-china-trade-talks-begin-amid-trumps-threat-of-tougher-deal-ahead-239601">agricultural products</a> since mid-July, commerce ministry spokesman Gao Feng said at a regular press briefing.

Companies "have already purchased some agricultural products," he added.

Earlier, White House had said Chinese officials had reiterated a promise to buy US farm exports, a sign of possible progress following negotiations.

"The Chinese side confirmed their commitment to increase purchases of United States agricultural exports," the White House said in a statement, offering hope to an American industry badly battered in the two countries' trade war.

The talks were "constructive" and a new round of negotiations is set to be held in Washington in early September, the statement said.

US and Chinese negotiators agreed to meet again in the United States in September after holding "frank" and "constructive" talks in Shanghai on Wednesday, state media said following meetings overshadowed by a Twitter tirade from President Donald Trump.

US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month.

"The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency, adding that the purchase of US agricultural goods by China was discussed.

Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in a row focused on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies.

China said Thursday that it had begun purchasing more US farm goods as the two economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week.

China said Thursday that it had begun purchasing more US farm goods as the two economic giants restarted thorny trade talks with face-to-face negotiations in Shanghai this week. Chinese enterprises had approached US suppliers to discuss purchasing a variety of agricultural products since mid-July, commerce ministry spokesman Gao Feng said at a regular press briefing. Companies "have already purchased some agricultural products," he added. Earlier, White House had said Chinese officials had reiterated a promise to buy US farm exports, a sign of possible progress following negotiations. "The Chinese side confirmed their commitment to increase purchases of United States agricultural exports," the White House said in a statement, offering hope to an American industry badly battered in the two countries' trade war. The talks were "constructive" and a new round of negotiations is set to be held in Washington in early September, the statement said. US and Chinese negotiators agreed to meet again in the United States in September after holding "frank" and "constructive" talks in Shanghai on Wednesday, state media said following meetings overshadowed by a Twitter tirade from President Donald Trump. US Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer met with Vice Premier Liu He in the Chinese financial hub for the first face-to-face negotiations since a trade war truce was declared last month. "The two sides conducted frank, highly efficient and constructive in-depth exchanges on major issues of common interest in the economic and trade field," according to the official Xinhua news agency, adding that the purchase of US agricultural goods by China was discussed. Washington and Beijing have so far hit each other with punitive tariffs covering more than $360 billion in two-way trade in a row focused on demands for China to curb the alleged theft of American technology and provide a level playing field to US companies.

Have begun purchasing farm goods, says China after resuming trade talks with US

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China set to unveil $1.4 trillion domestic tech investment: Report

China confirms first domestically-built aircraft carrier sailed through Taiwan Strait

US designates China a currency manipulator as yuan hits record low

Have begun purchasing farm goods, says China after resuming trade talks with US