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China’s Xi Jinping calls for measures against ‘unhealthy’ development of digital economy – Times of India


SHANGHAI: President Xi Jinping has known as for improved regulation and governance of China’s digital financial system to protect in opposition to its “unhealthy” improvement as Beijing goals to spice up the sector’s contribution to the nation’s progress.
In an essay within the ruling Communist Party‘s publication Qiushi on Saturday, Xi known as for specializing in key areas together with built-in circuits, shows, communications tools and clever {hardware}.
China ought to “cultivate a number of enterprises with international competitiveness, and leading ecological firms with control over industrial chains, to create world-class digital industry clusters,” he mentioned.
“We must see that compared with large and powerful countries in the global digital economy, China’s digital economy is big but not strong, and fast but not superior.”
Xi additionally known as for regulation and standardisation to plug regulatory loopholes and stop “monopolies and disorderly expansion of capital” on this planet’s second largest financial system.
“In the course of rapid development, China’s digital economy has also displayed some unhealthy and irregular seeds and trends that not only affect the healthy development of the digital economy, but violate laws and regulations and pose a threat to national economic and financial security,” he mentioned.
China also needs to enhance its nationwide safety system, with a concentrate on strengthening digital financial system early warning, prevention and management programs to make sure the safety of key applied sciences, necessary industries and services, strategic assets, and main enterprises.
Xi’s essay follows a plan issued by China’s cupboard on Wednesday for the event of the digital financial system, which goals to extend the sector’s share of nationwide GDP by pushing applied sciences like 6G and large information facilities.
That plan additionally highlighted challenges together with an absence of innovation capability in key areas and weak governance.





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