Beijing looks to cutting-edge technology to revive flagging growth

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Chinese authorities indicated they would not increase government spending to revive flagging economic growth, and would instead intensify focus on the broader adoption of cutting-edge technology.
Several metrics have shown that China’s domestic economy is slowing, potentially to below Beijing’s official growth target, with Goldman Sachs warning in a note to clients that “cyclical weakness risks becoming structural hysteresis.”
Pseudonymous op-eds in state media, however, argued against creating “dependency” on government largesse, the business-focused outlet Caixin noted. They represent the latest signal of China’s economic strategy: “From Beijing’s perspective, weak demand is a short-term price to pay for a much bigger prize — an economy in which advanced technology permeates every sector,” analysts at the research firm Trivium China said.

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