Primary takeaway
Hu Weiwu, founder of Chinese chip maker Loongson, and an official Congress delegate, called for China to develop its own industrial IT systems and reduce its reliance on Western technologies such as Intel, Android, and Windows. Commentators are viewing this as an example of the “self-reliance” President Xi has spoken about frequently this week, especially in the light of continued tensions between Beijing and Washington over technology issues.
Other important commentary
Consumer
- Common prosperity was a theme today, with some analysts noting how the expansion of this initiative will help boost growth in China’s consumer market, though others this week have warned of the ongoing adverse impact which COVID-19 is having on the sector.
- Zhu Tong, Chief Country Officer of Deutsche Bank China, also credited President Xi’s Common Prosperity initiative for the projected rise in the number of Chinese customers of foreign businesses.
Industrial
- Xu Zhengzhong, an official from Hubei, announced that the province is now the world’s largest manufacturer of optical fibre. Hubei will work to further develop its position as the leading location for manufacturing and researching optical technologies, alongside its existing strong position in automobiles.
Healthcare
- President Xi’s proposal to construct a “healthy China” received attention today, with media and analysts viewing this as a sign that healthcare is now a strategic development priority.