Market Talk for March 10th, 2021

by Martin Armstrong
Armstrong Economics

ASIA:

China’s new five-year plan, made public on Friday, called tech development a matter of national security, not just economic development, in a break from the previous plan. China is freeing up tens of billions of dollars for its tech industry to borrow. It is cataloging the sectors where the United States or others could cut off access to crucial technologies. The plan pledged to increase spending on research and development by 7 percent annually, including the public and private sectors. That figure was higher than budget increases for China’s military, which is slated to grow 6.8 percent next year, raising the prospect of an era of looming Cold War-like competition with the United States.

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