China courts international partnerships in digital economy push amid hi-tech frictions with US
- Beijing is going all-out to boost its economy in a post-Covid climate, and the growing digital ecosystem already accounts for more than 40 per cent of China’s GDP
- But China still faces tough challenges such as restricted imports of hi-tech products, including semiconductors, and supply-chain upheavals
China convened the Global Digital Economy Conference on Tuesday in a bid to forge “open and win-win” international partnerships amid growing geopolitical tensions.
Representatives of 18 cities around the world, including the American cities of San Francisco and Irvine, as well as London, were invited to attend the event and jointly sign a cooperation initiative that vows to promote an open and innovative network that will bolster the digital economy.
The move came as Beijing’s policymakers have largely pinned hopes for future growth on the digital economy, which already accounts for 41.5 per cent of the national gross domestic product, and which Beijing regards as a new competition lane with the United States.
However, Beijing still faces tough challenges from Washington, which has restricted exports of hi-tech products to China, including semiconductors and chipmaking equipment, and attempted to decouple some supply chains.
