Reuters Insider - China to boost $3.8 trillion digital economy, Xi calls for self-reliance
26/09/2018 17:09
Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=0_057rs4va&referenceId=tag:reuters.com,2018:newsml_OV8Z9K1AJ_930&pageId=ReutersNews Source: Reuters Insider Description: China's state planner has called for further advancement in the country's $3.8 trillion digital economy, saying sectors such as big data and artificial intelligence will become drivers of job creation. As David Pollard reports, it comes as the Chinese economy adapts to the decline of low-end industries. Short Link: https://reut.rs/2N30P7J Video Transcript: Fly, dance, even mix cocktails. They could do pretty much anything of the recent World Robot Conference in Beijing, but can they help steer an economy? China believes they can. Its digital output rose 18% to $3.8 trillion last year, equal to a third of GDP, according to one estimate. Now with a target date of 2025, it's pledging to create new jobs in new sectors like big data, AI and robotics, as it chips away from older, rust belt industries. br/ br/ China is already leading in some areas. China is the country of the most new patents in artificial intelligence, for example. So the new initiative just fits into the overall strategic goals. br/ br/ Trade tensions with the US add extra motivation. Beijing is already setting aside nearly $15 billion in support to help it make a further push into the Internet of Things and cloud computing. Traditional sectors will be digitalized. It says in its latest announcement driving more workers to switch jobs. br/ br/ China is trying to catch up to the US where it is behind but at the same time it is trying to aggressively overtake the US in some areas that they think are strategically important. br/ br/ It fits too with the self-reliance president Xi was reportedly keen to promote in his comments this week in the face of unilateralism and protectionism. br/ br/ The trade war is going to intensify. It is going to lead to lower growth both in the US and in China. br/ br/ A thought that might drive some to drink, assuming, that is, they're equipped to