Reported about 17 hours ago
In a rare critique, President Xi Jinping questioned the necessity for local governments in China to invest heavily in similar emerging industries such as electric vehicles and artificial intelligence. His comments, made during a meeting on urban development, reflect concerns over excess capacity and deflation amid stagnant domestic demand. Xi emphasized the need for a more balanced approach, cautioning against disordered competition and excessive local government rivalry that has historically contributed to economic growth but led to chronic overcapacity and public debt.
Source: YAHOO