China vows to build modern industries to win global race, amid tensions with US

China’s top leaders pledged on Friday to build a modern industrial system and achieve key tech breakthroughs, in an international race to win the “strategic initiative,” amid tensions with the United States.

China will prioritize the real economy, improve its industrial policies, and build world-class enterprises, state media quoted the Central Financial and Economic Affairs Commission, following a meeting chaired by President Xi Jinping.

China will step up its drive to achieve core tech breakthroughs and “grasp the wave of new technological revolutions such as artificial intelligence,” state media quoted the commission as saying.

“Accelerating the construction of a modern industrial system supported by the real economy is crucial for us to win strategic initiative in future development and international competition,”state media said.

Washington has moved to ban exports of some advanced chips to China, escalating tensions between the world’s two largest economies.

China will promote the transformation and upgrading of traditional industries and will not simply exit from low-end industries, according to state media.

Efforts will be made to improve the overall quality of the population, state media said, adding that the China will establish a sound birth support policy system and vigorously develop a universal childcare service system.