China To Pursue Sci-Tech Self-Reliance Amid Economic Openness

China will focus the next five years on achieving technological self-sufficiency but deepening its process of economic reform and opening, which is appreciated as a fundamental element to promote growth, increase domestic demand, and reduce social inequalities.

RELATED:

China on New Journey for High-Level Reform, Opening Up

Those are the priorities that the members of the Central Committee of the Communist Party of China (CPC) set after their four-day meeting in Beijing.

The shift towards the domestic market to expand demand occurs within the framework of the so-called "dual circulation" strategy through which domestic consumption would be enhanced thanks to the foreign market.

"We will not close the door on the world, on the contrary. China increasingly needs the world, and the world needs China to improve its technology," Science and Technology Minister Wang Zhigang said, adding that the U.S. trade war against China "is not good for anyone."

"China will enhance its capacity for independent innovation and focus on doing its internal tasks well, as key technologies cannot be bought, nor can they be acquired," Wang added.

The United States' vetoes of large Chinese technology companies have led the Asian country to put all its forces in innovation and autonomy in the chip supply chain.

To achieve this goal, policymakers are considering making China "the place of choice for talents, companies, and experts from around the world."