BEIJING: Chinese President Xi Jinping has sent a message of support to the country's information technology, artificial intelligence (AI), and new energy sectors amid rising technology tensions between China and the US, describing them as new "engines" of future growth. has been referred to as. ,

Xi said China should support the integrated development of "strategic emerging industries" and expand "a new set of growth engines" that include biotech, new materials, state-of-the-art machinery and environmentally friendly products, in the 72-page document. Join in too. Sunday served as the foundation for his speech at the 20th Party Congress.

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Xi said China is still on its way to fostering a "new kind of industrialization" and becoming a powerful nation in "manufacturing, high-quality goods, space exploration, transportation, cyberspace and digitization", even as he not explained in detail. Specific supporting policies.

When the Biden administration unveiled new rules to restrict China's access to cutting-edge chip technologies earlier this month, Washington was ramping up its efforts to stifle China's technological progress.

 Xi said China should hold on to areas with "developmental security", even though he avoided directly mentioning the US or technological warfare.

Following Xi's speech, many Chinese stocks in the IT and AI sectors rose. TalkWeb, a software company, reached a daily limit of 10% in Shenzhen, along with other companies such as Hightvision, makers of smart screens, and JYD, a big data and AI company based in Beijing.

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According to HSBC economists Jing Liu and Erin Xin, China is planning to intensify its efforts to develop its domestic technology firms.

The authors stated that "increased productivity through innovation and continued advances in technology development are the keys to continued growth" as "older growth drivers" gradually lose their traction.

"Upgrading production will continue to be a priority, and increased policy support for core technology areas will help drive technology development."

According to Xi, China will accelerate its "digital economy" to promote the integration of "real" and "digital" sectors of the economy, and to create a "group of digital economy with international competitiveness".

The Internet Plus policy, which the Chinese government has been promoting since 2015 and which calls for promoting Internet technologies to increase productivity in traditional businesses, was continued by Xi, according to Li Chengdong, founder of Internet industry think tank Dolphin.

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The important thing to note is that [Xi's speech] there was no mention of controlling capital or growing Internet platforms," ​​Li continued. "This is the best sign yet."

The message of "technological self-reliance and domestic focus" in Xi's key report, according to Barclays economists Jian Chang and Yingke Zhou, "reflects the urgency felt by the Chinese leadership to improve economic resilience."