Premier says tech advancements an ‘opportunity’ for the world, not a threat 

Chinese Premier Li Qiang, center, listens to enterprise introduction and report on the development of shipbuilding industry
in Dalian at the Dalian Shipbuilding Industry Co., Ltd. in Dalian, northeastern China’s Liaoning Province on Monday [Photo: Xinhua]

China’s Premier Li Qiang yesterday defended the country’s technological advancements as an opportunity for the world rather than a threat.

Li also said the country’s heavy state subsidies were not the main reason for the rapid rise of its high-tech industries, at a time when Western officials have complained that China’s state support for industries from artificial intelligence to electric vehicles has provided an unfair competitive edge.

China’s No. 2 leader made the remarks in his speech at the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions, known as the “Summer Davos,” held this week in the northeastern Chinese coastal city of Dalian.

He acknowledged there have been growing global concerns about China’s technological innovations, with some pointing to the term “China Shock 2.0,” as they see the nation›s high-tech boom as a threat to many advanced economies.

Instead, that should be seen as “China Opportunity 2.0,” he said.

“From the global development perspective, ‘China Opportunity 2.0’ means there’ll be broader access to advanced technologies and more widely shared benefits,” Li said.

“China’s emerging technologies and products are bringing to the world not shocks, but opportunities,” he added. “Not threats, but empowerment.”

China’s tech advancements and growing exports of EVs, solar panels, chips, batteries, AI and robotics have offered affordable options to global markets, but also have raised criticisms among governments concerned about issues such as oversupply. Some are taking protectionist measures.

Li also dismissed claims that the rise of China’s high-tech sectors was because of massive government subsidies.

U.S. and European policymakers have raised worries over Chinese state subsidies creating unfairness to their industries, while a June report by the 38-country Organization for Economic Cooperation and Development, or OECD, said huge state subsidies, including those in China, can distort global markets and create unfair competitive advantages.

“There are some people who say that Chinese products are competitive mainly because the Chinese government’s subsidies,” Li said in his speech. “That’s not true. The Chinese government is not that wealthy.”

China’s large domestic market, which allows the mass and fast deployment of new technologies among its population of 1.4 billion, and huge corporate investments are among the key factors in its robust tech advancements, he said.

Li also name-checked Chinese tech giant Huawei, which has faced Western restrictions, and robotics company Unitree, both of which have risen quickly in size and market share, as examples of China’s innovation success.

An expansion earlier this month of the Pentagon’s list of Chinese military-linked companies included Unitree, preventing the firm from landing U.S. defense contracts. The list also includes Huawei. CHAN HO-HIM, HONG KONG, MDT/AP