BEIJING: To emphasize that Beijing is "prioritizing high technology at the top of all economic policies," China has revised its development goals for 2035 to focus more on technological self-reliance, national security and rural development. can be emphasized.

During the opening ceremony of the 20th Party Congress on Sunday, President Xi Jinping delivered the eagerly awaited work report. At the time, China is rumored to be re-evaluating the international environment in the wake of ongoing geopolitical conflicts such as the Russo-Ukraine War, along with US efforts to technically control it.

China's goal will be to "significantly increase economic strength, scientific and technological capabilities and overall national strength," Xi said in a speech in Beijing.

Also Read: New Omicron, Highly infectious sub variant BF.7 detected in India

The report further said that China will "try to be among the most innovative countries in the world, with great self-reliance and strength in science and technology."

China's development goals for 2035 represent the first phase of a two-stage plan to transform the nation into a great modern socialist state.
The previous 2035 Growth Vision, which was released in March last year along with the 14th Five-Year Plan for 2021-25, focused on breakthroughs in some key technologies in critical areas and becoming a leader in innovation.

However, Sunday's most recent report omitted the 2035 target of creating a clear advantage in global competition.
According to Iris Pang, chief Greater China economist at ING, "China is prioritizing high technology at the top of all economic policies, echoing the technology war waged by the US's Chips and Science Act."

Beijing has already criticized a law signed by US President Joe Biden in August to boost the country's competitiveness against China.

Noting that China's research and development spending nearly tripled in the past ten years to reach 2.8 trillion yuan (US$390 billion) last year, Xi claimed the country had already outpaced other innovators in the world . The US National Science Foundation estimates that in 2020, the US spent $708 billion on research and development.

In this year's Global Innovation Index, which was put together by the World Intellectual Property Organization last month, China moved up one place to 11th place.

Also Read:  Alipay tries out competing WeChat for mobile payment transfers

Xi also discussed developments in some of the fundamental technologies over the past ten years, emphasizing advances in jumbo jet production, supercomputers, satellite navigation, quantum information and space flight.

In 2020, Beijing unveiled its Dual Circulation Strategy, which promised to strike a balance between growth and security as the negative effects of its deteriorating relations with major Western countries, sluggish global recovery and the aggressive influence of the US Federal Reserve loomed large. The reason was that the external environment had become very bad. constrict

After putting hundreds of Chinese firms on its entity list that restricts access to American parts, technology or markets over the years, the US Commerce Department last week also announced new restrictions on the development of China's computer chips.

China was referred to by the Biden administration as "the most consequential geopolitical challenge" in the post-Cold War era, implying widespread efforts to halt Chinese technological progress.

According to ING's Pang, Beijing can promote high-tech research by implementing preferential taxation policies for corporations and state-backed businesses.

The report prompts us to reconsider the seriousness of fiscal policies that will achieve the goal of high technology. This indicates that a huge amount will be invested in the technology sector, she said.

In addition to previous directives to achieve fundamental modernization of the national defense and armed forces, Beijing also promised in the report to "comprehensively strengthen the national security system and national security capabilities".

Also Read: South Korea plans to create blockchain-based digital IDs to boost economy

In addition, Beijing wants to guarantee modern living standards in rural areas by 2035, in contrast to the earlier more general goal of bridging the gap between rural and urban living standards.

According to a report by the US-based Eurasia Group, "The growing emphasis on science and education shows how much Xi is betting on innovation as a solution to China's sluggish growth outlook and its strategic reliance on Western technology.

According to the report, the focus on national security reflects Xi's upgrading of security as an essential complement to developments that span multiple policy areas, including the economy, society and the environment.