China’s 5G Tech Won’t Save Economy, Regime’s Former Finance Minister Says

China’s former finance minister Lou Jiwei warned in a recent speech that China’s “immature” 5G technology is likely to become a failed investment. In recent weeks, Chinese leader Xi Jinping has emphasized the need for the country’s economy to develop an “internal circulation system—in other words, having domestic sectors produce all the goods for Chinese consumption, from raw materials to manufacturing. The economy should “create a new development pattern where domestic and foreign markets can boost each other, with the domestic market as the mainstay,” Xi had said. But Lou said that China’s 5G innovations—heavily subsidized by Beijing—could become a “blockage point” to this “internal circulation system” because no applications can be found for hundreds of billions of investment. Lou addressed the issue during the Chinese Economists 50 Forum held in Beijing, according to a Sept. 28 report by Hong Kong Economic Times. The ex-minister analyzed that it would be impossible …

Source link

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.