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China’s Aim To Be A Global Leader In Tech Can Speed Up As Its Economy Slows

Reportedly, China’s goal to become the leader in technology globally—be it blockchain, 5G, or AI (artificial intelligence)—can be more urgent now as its financial system is declining and it is involved in an escalated tariff war with the U.S. The trade tensions amid the U.S. and China have motivated experts to speak of “decoupling” amid the countries, mentioning to an amplified disconnect amid the world’s two biggest economies. At CNBC’s East Tech West conference, Ben Harburg—Managing Partner of MSA Capital—said, “Chinese move toward self-sufficiency has amplified in the last year as an outcome of the decoupling.” The topic was widespread throughout the conference since experts conferred China’s support for financial technology, blockchain, and 5G.

Other tech aspirations consist of Beijing’s stated ambition of becoming the universal leader in AI by 2030, plus its drive toward initiating its own virtual currency. The technology race between China and the U.S. has centered on the advance of latest generation mobile services 5G, with Shenzhen-based tech giant Huawei, particularly in focus. In May, Huawei—who is a major developer of super-fast 5G technology—was blacklisted by the U.S. administration. Washington has quoted security apprehensions over Huawei’s equipment, stating that they can present a back way for the Chinese administration to spy on the U.S. In September, Huawei revealed an innovative 5G processor for its mobile devices, emphasizing the company’s aspirations to take control of its supply chain in the midst of political pressure from the U.S.

On a similar note, Microsoft gained US license to recommence selling software to Huawei. The U.S. administration still intent to blacklist Huawei in most aspects, but the Chinese tech titan just got an imperative reprieve. The U.S. DOC (Department of Commerce) granted Microsoft a permit to “export mass-market software” to Huawei, as per to a statement from Microsoft to Bloomberg. The DOC has shown a keenness to bend on its standpoint in a few cases, offering temporary permits to keep gear running.

Joseph Masterson
EDITOR-IN-CHIEF At The Industry Magazine

Joseph Masterson holds 7 years of a strong presence in the Business sphere. This experience offers him the knowledge and power to analyze each and every minute activity in the Business sector very well. He holds an MBA in Finance Degree and is a well-known personality in this domain. He works as the Head of the Business Section at The Industry Magazine from the last 5 years and is associated with The Industry Magazine news portal from the last 6 years. Besides writing news on any topic from the Business domain, Joseph is an expert in explaining the news related to mergers and acquisitions.

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