EMerging Equity

By Shannon Tiezzi

thediplomat_2014-12-18_19-41-30-386x257China wants to eliminate the use of foreign technology in key sectors by 2020, Bloomberg reported Wednesday, citing people familiar with the campaign. The goal is to have domestic Chinese technologies in place in banks, state-owned enterprises, key government agencies, and the military.

The Bloomberg report merely solidifies other signs that China was looking to replace foreign technology firms with domestic ones, both for security reasons and as part of China’s push to ramp up domestic innovation in the high-tech sector. Back in February ,at the first meeting of the Internet security and informatization group, President Xi Jinping called developing domestic technologies and ensuring cyber-security “two wings of a bird” – equally crucial parts of China’s cyber strategy moving forward. To be a cyber power, Xi said, China must develop its own technology.

This became an urgent goal for China after revelations from Edward Snowden about U.S…

View original post 133 more words