JAKARTA - China recently issued a new policy to expand the reach of its technology. The country has ambitions to surpass the US in the technology sector.
It was China's Ministry of Industry and Information Technology that said it would expand the reach of the electronic market to the US $ 327 billion (around IDR 4,578 trillion).
This market expansion includes components, smartphone manufacturing, 5G networks, drones, electric cars, super-fast trains, aviation, smart factories, and robotics. Xi Jinping's government is targeting its market share reach to increase by 20 percent by 2023.
Cited from the Nikkei Asian Review, China wants to increase the output of semiconductors, magnets, sensors, software, fiber optic equipment, and so on. They are targeting 15 electronic component makers to compete globally with annual sales of 10 billion yuan or more.
To realize this ambition, the Bamboo Curtain country will seek to merge big players from various fields in order to create large companies and be able to compete with US manufacturers.
This means that China will provide construction permits and financial assistance to a number of major factories by providing funding through local government funds. This action is an effort to help technology companies to meet international standards.
This move is the Xi Jinping administration's response to US policies that limit the supply of chips to Chinese technology companies. This incident was the result of Trump's policy last year.
President Xi Jinping instructed to maintain the country's ecosystem. He also ordered companies that previously only assembled components to immediately become a manufacturer of finished goods.
Xi Jinping also plans to increase international cooperation by supporting technology giants from Japan, South Korea, Europe, the US, and other countries to set up research facilities and factories in his country.
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