New energy, AI can be key economic drivers, expert says

China should firmly develop its new energy and artificial intelligence industries in the face of protectionist and suppressive strategies adopted by the United States, as growth in these sectors can become new key drivers for the Chinese economy, which is increasingly becoming less reliant on the real estate industry, said a former senior finance official.

While emphasizing the need to balance development and security, Zhu Guangyao, former vice-minister of finance, advocated more opening — up measures, especially in cross-border data transfer, to spur innovation and facilitate development in these industries.

Zhu, who spoke to China Daily in an exclusive interview, also said that China's fast development in sectors such as new energy and electric vehicles contributes largely to the global response to climate change. The US suppression of China will dampen global efforts in carbon reduction, including those by the US itself.