China is really serious about accelerating its bold bid for global leadership in key technologies – it plans to offload blimps of money into the economy through the rollout of everything from wireless networks to artificial intelligence.
In the master plan backed by President Xi Jinping (right) himself, the country will invest an estimated $1.4 trillion over six years to 2025, calling on city governments and private tech giants like Huawei Technologies to lay fifth generation wireless networks, install cameras and sensors, and develop AI software that will underpin autonomous driving to automated factories and mass surveillance.
This infrastructure initiative is expected to drive mainly local giants from Alibaba and Tencent Holdings to SenseTime Group and YITU Technology at the expense of US companies.
As tech nationalism mounts, the investment drive will reduce China's dependence on foreign technology, echoing objectives set forth previously in the Made in China 2025 program. Even better, the risks faced by China because of US unilateral actions to cripple the country’s tech advancement at any cost, disappear.
This technology-driven enterprise is on a scale and scope never seen before – really, this is China's gambit to win the global tech race.
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