China’s leaders put spotlight on tech self-reliance, private sector confidence

At gatherings including figures from tech, Premier Li Qiang urged the industry to serve as a source of economic growth

Reading Time:2 minutes

Chinese leaders have called for the support of the country’s tech sector as a means of buttressing economic growth. Photo: Xinhua

Published: 5:38pm, 21 Jan 2025

China’s leaders exhorted industry heads to turn their attention to the country’s tech sector in the search for new drivers of economic growth, laying out priorities for the new year as the geopolitical landscape becomes more uncertain by the day.

During a Monday gathering of members of the country’s “united front” – individuals from non-communist parties and other societal groups – President Xi Jinping called for “high-level technological self-reliance and improvement” and “sound development momentum” in 2025, the last of China’s 14th five-year plan.

The All-China Federation of Industry and Commerce – a semi-official business chamber – should guide those in the private sector to sustain their enthusiasm for entrepreneurship and enhance their confidence, Xi said.

On the same day, Premier Li Qiang spoke with a group from artificial intelligence and robotics among other sectors, emphasising their potential as future sources of economic growth. He also stated – in the presence of representatives from the banking industry – the country’s monetary policy should “create the necessary liquidity” to support the real economy.

Both focused on domestic development in their remarks, delivered the same day as the inauguration of Donald Trump as US President – though neither mentioned foreign affairs.

Referring to the country reaching its 2024 gross domestic product growth target as a “hard-won” victory, Li said China continues to face challenges, especially from an increasingly fraught external environment.