In fear of foreign sanctions, Chinese President Xi Jinping pushes for greater self-reliance

Beijing: Chinese President Xi Jinping has urged for greater self-reliance as the country becomes more isolated in the wake of sanctions and trade concerns with different countries across the world. In an annual political meeting, Jinping pushed for technological development which is currently facing competition from foreign governments like US. The sector, however, has also witnessed obstacles from China’s own in-house policies. Xi added, in a closed-door meeting with members of the National People’s Congress, that greater self-reliance and development in science and technology is the only path to advancing “high quality development” and building China into “a great modern socialist country.” According to a state media statement, he said, “To open up new areas and new arenas in development and foster new growth drivers and new strengths in face of fierce international competition, China should ultimately rely on scientific and technological innovation.” Xi urges private firms to be ‘rich and loving’ The Chinese leader also asked private companies to be ‘rich and loving’ by shouldering responsibilities with state-owned firms to ensure prosperity for all. Xi urged private firms to be “patriotic” and participate in charity undertakings in China, according to state radio. In what he described as “community of shared interests”, Xi said that private firms should share the fruits of their growth with their employees more equitably. He said, “Be rich and responsible, be rich and benefit others, be rich and loving.” The leader promised private firms and entrepreneurs to be treated as a “family” and vowed to remove institutional obstacles that prevent companies from competing fairly in markets. Sanctions on Chinese firms China has been witnessing a rise in foreign sanctions against its businesses and operations. The latest concern comes from restrictions imposed by US on China’s access to its semiconductors and AI technology. The signs of support for Russia over the invasion of Ukraine have made the situation worse for China. In recent years, China’s tech industry has been targeted by a vast government-sponsored crackdown. Read all the  Latest News ,  Trending News ,  Cricket News ,  Bollywood News , India News  and  Entertainment News  here. Follow us on  Facebook,  Twitter and  Instagram.