As economies around the world stumble, China is gearing up as it has recently been revealed that the country is aiming to pour its billions on advanced technology.
Forbes reported that China has a global ambition of further increasing its hold on advanced technology by supporting emerging markets that also aim to produce improved technological products for various industries.
This goal is said to be powered by Chinese President Xi Jinping's "Belt and Road Initiative" (BRI). If everything goes well, the BRI will be the biggest infrastructure project in the world yet, with its multi-trillion budget backing it up. The BRI's routes will stretch out across Europe, the Middle East, Africa, and Asia.
The further noted that the BRI will open doors for China to establish a long-term trade relationship with other countries within its reach. A wide range of products will be distributed including robotics, bio-energy technology, electrical tools with advanced tech, maritime engineering products, electric vehicles, artificial intelligence (AI), and many more.
Right now, China is dishing out billions to improve its stand within the science and technology industry. The country is fixated on quantum computing, genomics research, robotics, and other advanced materials to achieve its grand vision.
China's latest move is seen as a threat against the United States and highly industrialized markets. On the other hand, the country is proving to have the upper hand in Latin America and Africa as it is constantly providing the need for trade between other economies.
The news comes despite the World Bank's declaration of a slowing global economy in 2019 and protests from Western countries when China was added to the World Trade Organization (WTO). Amid objections and doubts against Xi's grand goal, some financial experts believe it is China's destiny to lead the advanced technology realm.
Meanwhile, Xinhua reported that China has added the UAE into its list of growing supporters for the BRI. On Monday, Xi's representative Yang Jiechi discussed the project with Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al Nahyan.
According to the outlet, the two sides agreed to improve cooperation under the BRI to strengthen the countries' ties. Yang said of the meeting, "China will join hands with the UAW to maintain the momentum of frequent high-level visits and make China-UAE ties closer."
Aside from bilateral talks on collaborating for the BRI project, both sides also agreed to improve anti-terrorism strategies to ensure regional stability.
Yang is also set to visit Cameroon, Equatorial Guinea, and Egypt, following his trip to the UAE.
