Insight: China rushes to swap Western tech with domestic options as U.S. cracks down

[1/2] Servers are seen inside Huawei’s factory campus in Dongguan, Guangdong province, China March 25, 2019. Picture taken March 25, 2019. REUTERS/Tyrone Siu/File Photo Acquire Licensing Rights

Summary

Companies Beijing has increased spending on domestic tech since late 2022

Telecoms and banks likely next to be pushed to use more Chinese products

Replacing Western tech due to geopolitics and cyberattack fears

Foreign firms still dominant in banking-related software

BEIJING, Oct 26 (Reuters) – China has stepped up spending to replace Western-made technology with domestic alternatives as Washington tightens curbs on high-tech exports to its rival, according to government tenders, research documents and four people familiar with the matter.…

This data comes from the ChinaPulse.com media intelligence and smart news insights monitoring platform.