China Identifies New Energy Vehicles and Scientific Technology Innovation as Key Tasks for Second Half of Year

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[Asia Economy Reporter Kim Suhwan] The Chinese leadership has identified new energy vehicles, rural e-commerce, and technological innovation as key tasks for this year, calling for sustained economic growth.

This is interpreted as a response to the rapid rise in raw material prices such as oil worldwide and the resurgence of COVID-19, which could cause the economy to slow down faster than expected in the second half of the year.

According to the People's Daily on the 31st, the Central Political Bureau of the Communist Party of China held a meeting chaired by President Xi Jinping the previous day to review economic policies for the second half of the year and expressed this stance.

The Chinese leadership diagnosed at the meeting that "as the global COVID-19 situation continues to change, the external environment is complex, and the domestic economic recovery still faces uncertainties."

They stated that macroeconomic policies should maintain continuity, stability, and sustainability, liquidity should be maintained through a moderate monetary policy, and active support should be provided for the recovery of small and medium-sized enterprises.

In particular, they emphasized discovering the potential of the domestic market, supporting the development of new energy vehicles, building rural e-commerce and delivery systems, and called for technological innovation.

The leadership stressed, "Through technological innovation and strengthening industrial chains, we must quickly solve pressing difficult problems and develop specialized small and medium-sized enterprises."

China refers to U.S. sanctions as 'chabozu' (key technologies that strangle the neck) and is promoting a technology self-reliance strategy.

Along with this, the Central Political Bureau also called for plans to reduce carbon emissions to peak by 2030, childbirth, parenting, and education policies to support three-child births, stable food security, and policies to protect workers' rights.

This content was produced with the assistance of AI translation services.