The US dollar is heading for the best week in three. The market sentiment is mixed as optimism about the global economic recovery was outshined by increasing tensions between the West and China.
China will invest $3.8 trillion in its digital economy
On Wednesday, China's state planner uncovered further advancement in the country's ambitious $3.8 trillion digital economy project, telling that such sectors as big data as well as artificial intelligence are going to become major drivers of job creation.
As a matter of fact, the Chinese economy turns out to be in the midst of a long-term restructuring, which has faced the dive of low-end industries as well as the emergence of higher-value factories, which manufacture drones and robotics.
The Chinese government is on the verge of promoting the digital transformation of conventional sectors, driving more employees to switch jobs and also improve the overall quality of employment in this Asian country.
For the last time, the Chinese authorities, including the state planner have been affirming their strong commitment to the country’s long-term development, which the Chinese government sees as a means to rely less on trade as well as other external drivers.
An intensifying trade conflict with America, which appears to be China's key trading partner, has definitely obscured the Asian country’s medium-term surge outlook as well as spells uncertainty for millions of China’s jobs.
Besides this, Chinese state media has accused the US government of utilizing trade for the purpose of suppressing China's development.
China is all geared up towards making further inroads into such promising areas as the internet of things, cloud computing, AI, and big data and creating more high-end jobs.
In addition to this, China is going to actively attract foreign talent with the aim of promoting the innovation of its digital economy.
The Chinese digital economy managed to ascend by 18% hitting in 2017, which is equal to a third of the country's GDP, as the China Academy of Information and Communications Technology revealed.
Hundreds of millions of Chinese utilize mobile applications for entertainment, social networking, shopping, and gaming.
Rising yields, potential US tax hikes, and inflation fears worry investors. As a result, the market sentiment is risk-off. Stocks are falling, while the USD and the JPY are edging higher.
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The Reserve Bank of New Zealand will hold a meeting on Wednesday, April 14, at 05:00 MT.
Coinbase Global Inc., the leading cryptocurrency exchange in the US, will go public on the Nasdaq index on April 14!
Today traders await the US inflation data to be out at 15:30 MT. Jump in to get fresh trade ideas for today!