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BEIJING (Reuters) – China will address the risks of fragmentation and imbalance as it seeks to build new infrastructure aimed at modernizing its manufacturing sector, the government said on Wednesday.
China has built the world's largest 5G network and fiber-optic broadband internet infrastructure, with growing capabilities in artificial intelligence, according to a notice issued by state agencies including the Ministry of Industry, the Ministry of Finance and the central bank.
“However, development problems such as coordination and integration difficulties, lack of coordination, and imbalance have become increasingly prominent,” the report said.
It also highlighted the problems of uncoordinated development and regional disparities in the new information infrastructure.
The agencies noted that the new infrastructure will drive the development of “new productive forces” in the economy and support the development of industries with the aim of building a strong manufacturing nation.
The term “new productive forces,” coined by President Xi Jinping last year, emphasizes the need for innovation-driven economic growth in advanced sectors.
With diminishing returns on traditional infrastructure investments in roads, railways and bridges, China is increasing its focus on “new infrastructure” projects, including 5G communications, artificial intelligence and big data.
(This story has been re-archived to remove an irrelevant word in paragraph 1.)
(Reporting by Kevin Yao; Editing by Lincoln Feast)
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