CCP’s Former Finance Minister Says China’s 5G Tech Won’t Save Economy

China’s former finance minister Lou Jiwei warned in a recent speech that China’s “immature” 5G technology is likely to become a failed investment. In recent weeks, Chinese leader Xi Jinping has emphasized the need for the country’s economy to develop an “internal circulation system—in other words, having domestic sectors produce all the goods for Chinese consumption, from raw materials to manufacturing. Xi had said that the economy should “create a new development pattern where domestic and foreign markets can boost each other, with the domestic market as the mainstay.” But Lou said that China’s 5G innovations—heavily subsidized by Beijing—could become a “blockage point” to this “internal circulation system” because no applications can be found for hundreds of billions of investment.