Funding comes amid the ongoing COVID-19 pandemic, which hit Chinese industry and businesses in its latest wave from March to May. Chinese Emerging Tech AmbitionsThe news comes after Chinese media reported Shanghai aims to boost its 5G network infrastructure to accommodate emerging tech demand for virtual, augmented, and mixed reality (VR/AR/MR) across national industry verticals. The news comes amid increasing rivalry in the global tech community, namely as governments compete for top spots among the world’s tech hubs. Numerous sanctions have triggered urgent demand for domestically-produced tech solutions after former US President Donald Trump slapped Beijing with sanctions, restrictions, and blacklistings. Despite trade restrictions, Shenzhen-based firm has developed several key emerging tech solutions.

Source: Libya Today November 24, 2022 14:48 UTC