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

WION New Delhi May 21, 2020, 07.34 PM(IST) May 21, 2020, 08.44 PM(IST)

Xi Jinping and Huawei Photograph:( AFP )

Story highlights

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

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.

Read in App