At government meetings starting Friday, China will unveil the outlines of what could be the largest industrial-policy effort by any country to date. It will publish a five-year plan aimed at propelling its companies to the forefront of technologies ranging from hydrogen vehicles to renewable energy and biotech. Those ambitions are likely to be backed by the equivalent of trillions of dollars in state and private investment over the next five years.
As well as ensuring continued economic growth for China, the tech plan is also about cutting dependence on the U.S. and its allies for core technologies afterWashington sought diplomatic leverage by blocking Beijing’s access to U.S. microchips or semiconductors made elsewhere with American machinery and software. U.S. sanctions threatened to kill off core business lines for national champions such as Huawei, leading to stockpiling last year that is partly responsible for the current global shortage of microchips.
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