Beijing looks to cutting-edge technology to revive flagging growth

Several metrics have shown that China’s domestic economy is slowing, potentially to below Beijing’s official growth target. Chinese authorities indicated they would not increase government spending to revive flagging economic growth, and would instead intensify focus on the broader adoption of cutting-edge technology. Several metrics have shown that China’s domestic economy is slowing, potentially to below Beijing’s official growth target, with Goldman Sachs warning in a note to clients that “cyclical weakness risks becoming structural hysteresis.” Pseudonymous op-eds in state media, however, argued against creating “dependency” on government largesse, the business-focused outlet Caixin noted. They represent the latest signal of China’s economic strategy: “From Beijing’s perspective, weak demand is a short-term price to pay for a much bigger prize — an economy in which advanced technology permeates every sector,” analysts at the research firm Trivium China said.