BEIJING (Reuters) – China is seeking to address the risks of fragmentation and imbalances as it builds new infrastructure to modernise its manufacturing sector, the government said on Wednesday.
China has built the world’s largest 5G network and fiber-optic broadband infrastructure, with growing capabilities in artificial intelligence, according to a statement from state agencies including the Ministry of Industry, the Ministry of Finance and the central bank.
“However, development challenges such as coordination and integration problems, lack of coordination and imbalances are becoming increasingly prominent,” the report said.
The problems of uncoordinated development and regional disparities in the new information infrastructure were also highlighted.
The new infrastructure will boost the development of “new productive forces” in the economy and support the modernization of industries with the aim of creating a strong manufacturing nation, the agencies said.
The term “new productive forces,” coined last year by President Xi Jinping, emphasizes the need for economic growth driven by innovation in advanced sectors.
As traditional infrastructure investments in roads, railways and bridges continue to yield diminishing returns, China is increasingly focusing on “new infrastructure” projects including 5G telecommunications, artificial intelligence and big data.
(Reporting by Kevin Yao; Editing by Lincoln Feast.)
