MNI China Press Digest Oct 27:Fin Security, 5Y Plan, Hi-Tech

The following lists highlights from Chinese press reports on Tuesday:

China should always put financial security first and prevent systemic risks such as excessive borrowing by local governments, asset price bubbles, and any rapid rise in leverage ratios, the 21st Business Herald reported in an editorial. China's financial opening and financial innovations should always avoid finance becoming a capital game rather than serving the real economy, wrote the Herald. China should beware of the risks financial speculation poses to manufacturing and potential crisis underneath financial bubbles, the Herald said.

China has made technological development and the upgrading of industry the focus of its next stage of growth as it seeks to diversify from reliance on labor-intensive industries and tourism, the Global Times commented in an editorial. Suppression by the U.S., particularly against China's technology industry, is the biggest threat, although the U.S. has been weakened by the pandemic, the newspaper said. China has also set a goal of building a first-class military to protect its national interests and to counter U.S. hostility, the Times said. The editorial was published during the Oct. 26-29 Fifth Plenary Session of the Communist Party, where delegates meet to discuss the country's "14th Five-Year Plan" and long-term goals through to 2035.

China is considering designated areas such as 5G technology, integrated circuits, and biomedicine as special planning projects under the 14th Five-Year Plan (2021-2025) to promote breakthroughs and acquire leadership in core technologies, reported the China Securities Journal citing the Ministry of Industry and Information Technology. China will strive for breakthroughs in computer chips, 5G applications, IoT, and driverless transportation, the Journal reported citing Zhongtai Securities.