As the USA is preoccupied with a pandemic where the death count is heading for 100,000 which is a complete disaster and its unemployment numbers continue to rise beyond 25,000,000 Americans, the Chinese have other plans.
China is investing over $1.4 Trillion in technology that will see the Country surpass the US considered leaders in this sector. With a well calculated strategy, the Country is throwing its full weight behind gaining dominance with advanced next generation wireless networks and artificial intelligence.
President Xi Jinping has quietly gone about personally directing his Country in this effort with huge investments as well as relying on first class firms like Huawei Technologies. This invest in the future will see developments in automated factories, self driving vehicles, and mass surveillance. It is envisaged that the large Chinese companies like Alibaba Group Holdings, Sense Time Group and Huawei will drive forward at the expense of American rivals.
It is a very bold initiative as Chinese dependence on foreign technology will be greatly reduced. “Made in China 2025” is a slogan that could well see the US at further loggerheads with their rivals. The Trump administration has already tried numerous tactics to thwart the large Chinese tech companies. But with his unpopularity gaining ground through the handling of the Coronavirus disaster and internal political infighting continuing, the smart money is on China achieving their strategy.
“Nothing like this has happened before, this is China’s gambit to win the global tech race,” said Digital China Holdings chief operating officer Maria Kwok, as she sat in a Hong Kong office surrounded by facial recognition cameras and sensors. “Starting this year, we are really beginning to see the money flow through.”
“China’s new stimulus plan will likely lead to a consolidation of industrial internet providers, and could lead to the emergence of some larger companies able to compete with global leaders, such as GE and Siemens,” said Nannan Kou, head of research at BloombergNEF, in a report. “One bet is on industrial internet-of-things (IoT) platforms, as China aims to cultivate three world leading companies in this area by 2025.”