Key insights
- China is pushing for self-reliance in key materials amid competition with the U.S., urging materials firms to boost innovation. This drive for technological independence could modestly impact U.S. equities by potentially reducing demand for U.S. materials exports and increasing competition in global markets, although the effect is likely to be limited in the short term.
Investing.com -- China’s industry minister Li Lecheng on Thursday chaired a roundtable with small- and medium-sized enterprises in the new materials sector, urging stronger innovation and faster breakthroughs in key materials, according to a statement from his ministry.
Li emphasized the strategic significance of upgrading the new materials industry for China’s high-quality development.
Key focus areas for the ministry are advanced basic materials, critical strategic materials, cutting-edge new materials, and "AI + Materials."
Li pledged to strengthen policy coordination, talent supply and promote end-to-end collaborative innovation across the value chain.
Representatives from eight enterprises attended the meeting. The ministry did not name the companies.
Li called on the firms to raise the level of self-reliance and security in key materials for critical sectors, and step up research and development investment.
China has been pushing to strengthen key core technologies in key areas, particularly in advanced materials, to achieve tech self-reliance amid intensifying competition with the U.S.
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