China vows to curb tech bubbles, keep AI risks in check

"Developing new productive forces is an inherent requirement and an important focus for promoting high-quality development," Xinhua cited the guidelines, issued by the ruling Communist Party and the cabinet, as saying. President Xi Jinping introduced the term "new productive forces" in 2023, emphasising scientific research, technological breakthroughs and industrial upgrading across China's manufacturing base.

The guidelines said China would seek breakthroughs in AI theory and core technologies, strengthen the supply of computing power, algorithms and data, and establish national pilot bases for industrial AI applications. They also called for technology monitoring, risk-warning and emergency-response systems to ensure AI remains "safe, reliable and controllable".

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The guidelines also pledged to strengthen "original and disruptive" innovation in core technologies and to use China's state-led "new nationwide system" to speed the development and deployment of landmark products. At the same time, officials were economy and avoid bubbles, industrial hollowing-out, blind investment and "swarm-like" rushes into high-tech sectors.

China will "strictly prohibit the illegal or improper abuse of policies in the name of developing new productive forces", the guidelines said, adding that officials responsible for major losses caused by blind investment would be held accountable.

The document also called for the healthy and orderly development of the low-altitude economy — businesses built around civilian drones, air taxis, small aircraft and related services — while ensuring safety.