President Xi Jinping says that innovation could be the fundamental driver of growth for China, and Beijing is to increase funding for "industries of the future". CGTN’s Li Jianhua reports.
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#2025ChinaAgenda #China #Chinanews #economy #ChinaEconomy
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00:00Well, China's president Xi Jinping says the province of Jiangsu can take the lead in the country's developments
00:06He's been meeting lawmakers from that region one of China's economic powerhouses
00:10He called on officials to allow businesses to thrive and to expand international cooperation
00:17President Xi said innovation could be the fundamental driver of growth. Well, let's talk to our correspondent Li Jianhua
00:24We have an indication of Beijing's growth priorities
00:28with tech sector
00:30Obviously, perhaps the key. Yeah, you're right high tech
00:34The industry will be the priority this year and we know
00:37Chinese president Xi Jinping has visited the Jiangsu delegation for three years in a row and there are usually around
00:4535 delegations every year and his visit typically
00:48signals to the country's policy priorities and why Jiangsu province why the Jiangsu delegation is a coastal province in eastern China at the
00:58Contributes about 10%
01:00To the country's GDP is home to many high-tech companies across the various sectors making it one of China's most
01:07technologically advanced regions
01:09Aligning with the country's current stage of development high-tech and key sectors includes renewable energy
01:15biotechnology semiconductors and artificial intelligence the background is China has been
01:21Investing heavily in his high-tech industries particularly
01:25After the trade war between China and the United States started in 2018 where the u.s. Began to impose
01:32exports controls on advanced chips and technologies to China
01:36these targets could might be seen as rather optimistic in ordinary times perhaps I mean given the
01:43Uncertain geopolitics that China and the rest of the world
01:47Now lives in I think uncertainty is the key word for this year
01:51especially after the return of Donald Trump the headline targets for China's 5% GDP growth at genset and
01:57Also, some other numbers includes creating over 12 million urban jobs in China in
02:032025 maintaining the Soviet urban unemployment rate at around 5.5% in China domestically last year
02:10It was around 5% and keeping the consumer price index of CPI
02:14Inflation as around 3% as opposed to 0.2% in
02:182024 which indicated that China's economy faced deflationary pressure. It is very different from here in the UK
02:24We're trying to bring it down to 2%
02:26But China they're trying to bring it up to 2% and all of these target depend on the 5% GDP
02:33Growth rate which in turn relies on domestic spending in China and of course the trade conditions externally domestically
02:41Spending remains weak
02:42Especially after kovat and also the beleaguered property markets in China and the government introduced stimulus measures last year including issuing
02:51special sovereign bonds to boost investment in infrastructure and lower interest rates to encourage borrowing and
02:58Investment externally we all know Donald Trump has slammed 20% tariffs on Chinese imports and China has already rolled out
03:05Tests would have measures including retaliatory tariffs and blacklisting some American companies
03:10This is poised to reduce trade volumes between the two countries
03:14Especially it's going to be a impact on China's exports driven economy and China's largest trading partners now are
03:21ASEAN followed by the European Union and the United States where China has already had trade frictions with the US and the
03:28European Union, so it's going to be very challenging
03:31General thank you very much. I'll correspond at Lijiang Hua