Beijing leaves antitrust out of 2022 economic goals, focuses on technological development

tech war with the US, Chinese economy, monopolistic practices, private online tutoring, video games, data and cybersecurity practises, cryptocurrency mining, same Politburo meeting last year, Ant Group, Alibaba Group Holding, Huawei Technologies Co

China’s top policymaking body emphasised the country’s drive for technological self-sufficiency and innovation to address economic growth in 2022, shunning mentions of antitrust and the “disorderly expansion of capital” that 12 months ago signalled a tumultuous year of crackdowns on the technology sector.

Speeding up the implementation of technology policies, tackling key technologies and improving supply chain resilience are among Beijing’s top economic goals for the year ahead, according to meeting notes from Monday of the Communist Party’s 25-member Politburo, chaired by President Xi Jinping, that were published by state-run Xinhua News Agency.

Boosting technological self-reliance remains an important goal for Beijing as the government prioritises economic stability while continuing to grapple with a protracted tech war with the US. Tensions with Washington have strained trade relations, especially in semiconductors, as US sanctions have curtailed some Chinese companies’ access to advanced chip-making technologies.

The meeting notes mentioned strengthening companies’ role as drivers of innovation and achieving a “virtuous cycle” of development among the technology, industrial and finance sectors, according to Xinhua.

The focus on technological development is part of Beijing’s effort to emphasise economic and social stability for 2022, when the government will hold the 20th National Congress, which is expected to end with Xi being granted an unprecedented third term as head of the government.

The meeting coincided with the easing of some economic policies this week. The People’s Bank of China said on Monday that it will cut the reserve requirement ratio for major commercial banks by 0.5 percentage points, releasing 1.2 trillion yuan (US$188 billion) worth of long-term liquidity into the interbank system on December 15 to boost the Chinese economy amid signs of slowing growth.

The policy shift comes after political crackdowns have taken a toll on China’s once high-flying tech sector. In a series of sweeping legislative and regulatory moves this year, Beijing has targeted Big Tech companies over monopolistic practices, private online tutoring, video games, data and cybersecurity practises and cryptocurrency mining. The string of bad news has hammered Chinese tech stocks on the Hong Kong stock exchange, wiping out more than US$1 trillion in value.

Those moves were foreshadowed by the same Politburo meeting last year, which identified tackling the “disorderly expansion of capital” and monopolistic practises as key economic goals for 2021. The meeting took place a month after Beijing scuttled the highly anticipated initial public offering of Ant Group, the fintech affiliate of Alibaba Group Holding, owner of the South China Morning Post.

In August, Xi said at a central leadership meeting that Beijing’s campaign against the “disorderly expansion of capital” and “barbarous growth” in the tech sector was beginning to bear fruit. Xi also warned that the Communist Party must do more to “guide and supervise” the country’s businesses with clear rules, effective regulations and greater policy transparency.

While Beijing has long prized economic self-reliance, its initiatives in the tech sector have ramped up since 2019, when Washington blacklisted Huawei Technologies Co, the world’s largest telecoms equipment maker.

Last month, the Central Comprehensively Deepening Reforms Commission, an agency headed by Xi, approved a three-year plan to revamp its state science and technology system, addressing weaknesses and institutional barriers hampering the country’s technological advancement. Details of the plan were not made public.

Meanwhile, Vice-Premier Liu He, Xi’s right-hand man who is leading China’s efforts to address US restrictions, wrote in a lengthy article last month in People’s Daily – the official mouthpiece of the Chinese Communist Party – that technological innovation is not just a matter of development, but also of China’s very survival. Technology, he added, is also key for avoiding the middle-income trap.

News Related

OTHER NEWS

Joe Danger back on mobile thanks to one dad's heartfelt plea

Hello Games has remastered and re-released its Joe Danger video game for iOS; a decision prompted by a letter the studio received from a father who specifically requested it be ... Read more »

Best Buy Super Bowl TV deals are live - Sony's 65-inch OLED TV slashed by $600

Best Buy’s Super Bowl TV deals are live, which means you can snag a premium display at a record-low price so you can watch the big game in style. One ... Read more »

Google Drive locked files of few users due to AI issue

Last month, Google announced an updated policy for its cloud storage service, Google Drive. Under the new policy, the tech giant can automatically flag and restrict access to the files ... Read more »

Coming soon: Nutrition labels, but for your internet service

The FCC voted Thursday to require special notices at the point of sale for broadband service, an industry often criticized for surprise fees. Read more »

Samsung Galaxy S22 Ultra could be out of stock for months

If you’re thinking of buying the Samsung Galaxy S22 Ultra then it might be worth making a decision as soon as it goes up for pre-order, because the phone could ... Read more »

Philips 2022 TV line-up: everything you need to know

Philips has announced its new 2022 TV line-up, and there’s a lot to sink one’s teeth into. A wide range of TVs will be made available throughout the year, including ... Read more »

Google could give free G Suite users a way out of paying for Workspace

G Suite users upset at Google’s recent move to make them pay for their office software could be in luck thanks to a potential loophole. The company recently announced that ... Read more »

13 cute Galentine's Day gifts your best friends will love

— Recommendations are independently chosen by Reviewed’s editors. Purchases you make through our links may earn us a commission. Relationships may come and go, but best friends last forever (or ... Read more »

UBS Acquires Wealthfront for $1.4 Billion in Its Push for Young Investors

On Wednesday, Swiss bank UBS announced that it had acquired digital-investment platform Wealthfront for $1.4 billion. The bank noted that this acquisition will aid its growth ambitions in the U.S., ... Read more »

A new Crysis game is under development, confirms Crytek

Crytek, the game studio behind the graphic-heavy first person shooter series Crysis, is working on a fourth Crysis mainline game. The game developer announced it on Twitter and on ita ... Read more »

The big antivirus players could soon be in some serious trouble

The $2 billion global antivirus market may be huge, but its size doesn’t necessarily guarantee its survival, a new report has hinted. After surveying almost 1,000 U.S. adults, Security.org found ... Read more »

IBM teases next-generation Z Series mainframe

A new model of IBM’s Z Series mainframes is set to arrive later this year, the company has confirmed. Expected to arrive halfway through 2022, IBM’s z15 successor was confirmed ... Read more »

QNAP NAS devices left encrypted by Deadbolt ransomware

QNAP NAS devices across the globe have been hit by a widespread cyberattack after the DeadBolt ransomware group began to encrypt the network-attached storage devices. QNAP NAS users reported finding ... Read more »

Epic Games creates new studio to push ‘the boundaries of graphics' and Unreal Engine 5 to its limits

Epic Games is creating a new studio to make “original standalone experiences” that aim to “push the boundaries of graphics and game development forward”, according to an official blog post. ... Read more »

Tencent plans to take US-listed streaming firm DouYu private: Report

Tencent Holdings Ltd plans to take DouYu International Holdings Ltd private amid disagreements over strategy among executives at the Chinese videogame streaming firm, two people with direct knowledge of the ... Read more »

EU gives deadline to WhatsApp to clarify privacy policy change

Facebook unit WhatsApp has been given until the end of February to explain changes to its privacy policy and whether this complies with EU consumer protection laws after complaints from ... Read more »

Get Microsoft Office Home and Business on your Mac for One Low Price

Looking for ways to work smarter and be more productive in 2022? You need software that will help you stay on the cutting edge and work more seamlessly than ever. ... Read more »

3 Ways NFT Gaming Is Building New Wealth Opportunities

A new use-case for cryptocurrency is booming, particularly in parts of Asia, and it’s gaining traction in other parts of the developing world. Not only is “play-to-earn” a new source ... Read more »

Amazon reportedly disbands the scheme that paid employees to praise the company on Twitter

E-commerce giant Amazon has shut down a controversial influence campaign in which it paid its employees to tweet nice things about the company, Financial Times reported on Thursday.Employees at the ... Read more »

Intel posts record quarter, but why analysts are not happy

Chipmaker Intel Corp posted record fourth-quarter revenue, but forecast first-quarter earnings short of Wall Street expectations, as the world’s largest chipmaker faces challenges linked to persistent global supply chain problems. ... Read more »

HP, Lenovo may be working on Chromebooks with RGB keyboard, this is what it means

HP is reportedly planning to launch a Chromebook with RGB lighting keyboard under its Omen lineup. According to a report by 9to5Google, Google has been preparing its operating system for ... Read more »

Why is crypto down so much? Uncertainty in traditional markets and Fed concerns, experts say

Over the past week, the cryptocurrency market has experienced massive drops, reaching lows not seen in months. According to CNBC, Bitcoin plunged below $33,000 on Monday, the lowest it’s been ... Read more »

Some iPhone 14 models might not have a SIM card slot

We’re expecting big changes for the iPhone 14 range, and one of those changes might affect the humble SIM card, as the iPhone 14 might not have a removable one ... Read more »

Beijing rolls out seven key measures to support further integration of Shenzhen, Hong Kong and Macau

Beijing has rolled out a series of new measures to deepen the integration of Shenzhen, Hong Kong and Macau by encouraging more cross-border development in sectors such as insurance, health ... Read more »

Massive AirPods deals at Amazon: Apple's AirPods 2 and AirPods Pro on sale

Amazon’s latest sale is blowing out Apple’s best-selling AirPods with fantastic deals on Apple’s best-selling earbuds. For a limited time, you can get the Apple AirPods 2 on sale for ... Read more »

This smart TV is on sale for just $200 at Amazon Canada: 'Worth every penny':

This smart TV is on sale for just $200 at Amazon Canada (Photo via Amazon) Yahoo Lifestyle Canada is committed to finding you the best products at the best prices. ... Read more »

Lamborghini speeds into NFT market with space-inspired artwork

Lamborghini’s first NFT is taking the luxury sportscar maker to space. The Italian automaker announced plans to auction off its first non-fungible token, a piece of art called Space Time ... Read more »

YouTube permanently bans Fox News host Dan Bongino for evading Covid misinformation suspension

The video giant has added more rules around Covid-19 content as the pandemic has worn on. Read more »

This new Zoom feature could save you from an embarrassing blunder

Zoom has unveiled a series of new features for its video conferencing software, one of which could prevent users from making a serious workplace faux pas. As explained in a ... Read more »

Horizon Forbidden West PS4 footage finally shared and there's nothing to worry about

To celebrate Horizon Forbidden West going gold, Sony and Guerrilla Games have finally shared footage of the PlayStation 4 version. A brief clip can be seen on YouTube via the ... Read more »

Intel Arc Alchemist GPU spotted with 12GB of VRAM

A leaked photo has shed further light on Intel’s Arc Alchemist graphics cards, and specifically the memory configuration of one of these incoming GPUs. The image, shared on Twitter by ... Read more »

Two Point Campus opens its doors in May, and launches day one on Xbox Game Pass

Sega and Two Point Studios have announced that Two Point Campus, the successor to 2018’s Two Point Hospital, will release on May 17 for consoles and PC. Not only that, ... Read more »

Here's which Pokémon embodies your zodiac sign

Pokémon Legends: Arceus will be released on Friday, Jan. 28. Here’s your definitive list of Pokémon that aligns with astrology and the zodiac. Courtesy of Pokemon Geeks of the Earth! ... Read more »

Google reportedly expands Android Games on Windows beta testing to more regions

Windows 11 Android support had a rocky start and after delaying the feature a couple of times Microsoft finally started testing it in the Windows Insider Preview beta. While the ... Read more »

White House expands digital regulations for U.S. water supply

The new recommendations follows similar White House initiatives for the aviation and gas pipeline sectors. Read more »

Paytm Money launches ‘Pops' messenger

One97 Communications Limited which owns digital payments and financial services platform Paytm has announced that its wholly-owned subsidiary Paytm Money has introduced “India’s first” intelligent messenger called ‘Pops’.With ‘Pops’, users ... Read more »

EU watchdog clears Facebook's purchase of Kustomer startup

The Associated PressFILE – Facebook’s Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2021. European Union regulators have approved Facebook parent Meta’s ... Read more »

Garena Free Fire launches special video featuring Olympic Gold medallist Neeraj Chopra

Garena has launched a special video featuring sports icon Neeraj Chopra. The Free Fire Stories Gold Edition video has Neeraj rolling back the years as he talks about his own ... Read more »

Tragedy as two teenagers found dead at nature reserve

Two teenagers have been sadly found dead POLICE are investigating after two teenagers were found dead at a nature reserve. Officers were called to Bothenhampton Nature Reserve, Bothenhampton, near Bridport, ... Read more »

Nearly 30,000 Bitcoin millionaires wiped off in last 3 months: Report

According to data acquired by financial news portal Finbold, between October and January, the number of Bitcoin addresses holding over $1 million has reduced by 28,186 or 24.26 per cent. ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic